SEC Relief For Digital Custody Co. Takes Guarded Approach

Law360 (November 14, 2019, 4:37 PM EST) -- On Oct. 28, the U.S. Securities and Exchange Commission’s Division of Trading and Markets granted limited no-action relief to Paxos Trust Company LLC to settle listed equity securities trades utilizing blockchain technology without registering as a clearing agency.

Paxos is a New York limited purpose trust company regulated by the New York State Department of Financial Services, and a participant of the Depository Trust Company. The Paxos no-action letter is in effect a pilot program that is designed to allow the division its first opportunity to monitor digital custody in a live environment, and as such, does not represent a quantum...

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