Crypto
Paxos has received SEC approval to operate as a clearing agency for U.S. equities using blockchain, putting it in direct competition with DTCC for post-trade infrastructure. This is a landmark regulatory green light that could accelerate TradFi adoption of blockchain settlement rails and pressure legacy clearing incumbents.
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↔ PAIR+4% target-3% stop4-8 weeks
Short legacy clearing-adjacent incumbents ICE/CBOE on structural disruption risk while going long TradFi blockchain adopters GS and JPM who stand to cut settlement costs — Paxos SEC approval is the catalyst.