Paxos obtains approval from the SEC for new project

Last week, Paxos obtained a letter of “no action” on the part of the SEC (Securities and Exchange Commission). This means that you can move forward with your new project. Paxos wants to build an infrastructure based on Blockchain to settle stock exchange transactions more quickly and economic. The pilot project will operate with actions as AT&T, General Motors, and other actions of the company. Although there is no real guarantee that the project will succeed, do so Blockchain would change the market values of united States. Reduce the costs of the transactions would be the next big step forward for this market since the launch of NASDAQ in 1971. In addition, there is another reason why the community cryptography has been paid special attention. This project received no protests on the part of the SEC. The SEC is an entity that has become famous among the members of the ecosystem for display postures fairly conservative with respect to the innovations they propose. These points of view are reflected in the regulations proposed by the institution. However, this opportunity seems to have been pushed aside and allowed to Paxos go ahead with your project Blockchain.

Paxos as one of the main competitors

Thanks to the strategies recent Paxos, the company has become one of the leading market. Its largest competitor is Depository Trust & Clearing Corp (DTCC), the property of a consortium, that handles most of the clearing and settlement of transactions in u.s. stocks. Charles Cascarilla, chief executive of Paxos, told the Wall Street Journal (WSJ) that: “there Has been so much innovation in the way in which the trade is carried out in the last 20 years, with people that operate in microseconds, but really there has been no innovation in the clearing and / or settlement”. Despite these harsh words, DTCC welcomed the competition. The head of the unit of clearing and settlement of actions, Michael McClain, stated that Blockchain would be useful for the industry. If this test is successful, the market values of united States could adopt is definitely the technology Blockchain. Although this alternative sounds a bit idealistic, the members of the community cryptographic is optimistic before her. And not only is the position adopted by the SEC, but because every day there are more people who recognize the potential of the technology Blockchain. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.

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About the author

Caroline W.

Caroline W.

Caroline is passionate about learning languages, cultures and the Internet. She has years of experience working at international online advertising projects. Growing interested in Bitcoin and cryptocurrencies in late 2018, she joined CurrencyMarket24 as a writer.