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SEC Approves Paxos as the First Blockchain-Based Clearing Agency in the US

The U.S. Securities and Exchange Commission officially approves Paxos as the first blockchain-based clearing agency in the United States.
This approval marks a significant milestone in the integration between the digital asset industry and the traditional financial system, which has so far operated through conventional clearing infrastructure.
As a clearing agency, Paxos will play a role in the settlement process and the transfer of ownership of financial assets. By leveraging blockchain technology, this process is expected to become faster, more efficient, transparent, and capable of reducing operational risks.
The SEC's decision is also seen as a signal of increasing openness from U.S. regulators toward the use of blockchain technology in capital market infrastructure.
For years, the clearing and settlement processes in traditional financial markets have faced challenges such as lengthy settlement times and high operational costs. Blockchain technology is believed to be able to cut these barriers through real-time recording and verification systems.
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