According to CoinDesk, Paxos, the issuer of stablecoin PAX, has applied to the US Securities and Exchange Commission for a clearing firm license. If the license is approved, Paxos will be classified as one of the few payment and clearing specialists in the US, joining deposit trust companies, options clearing corporations, and others. Payment and clearing firms act as intermediaries in the US securities market, supporting exchange settlements and securities transfers. Paxos explained the background of the license application, stating, "The GameStop incident brought attention to how blockchain infrastructure can solve market problems and what help it can provide. At the time, several brokerage firms had to temporarily suspend trading due to rising clearing costs and market volatility."
