Paxos Securities Settlement Company, LLC; Order Granting an Application for Temporary Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934

iency and effectiveness of financial markets and also sought clarity regarding PSSC's approach to corporate actions processing, its proposed netting arrangement, and the sufficiency of its recovery and wind-down plans under Commission rules.\11\ In its response letter, PSSC explained that it and DTCC are in discussion regarding PSSC's application to become a participant in The Depository Trust Company (``DTC''),\12\ and that it welcomes good faith engagement with DTCC regarding its DTC participant application and planned clearing agency operations as a new market entrant.\13\ It also addresses each of the topics raised in the DTCC Letter. The comment letters and PSSC's response thereto are discussed further in Part III. --------------------------------------------------------------------------- \8\ Letter from Matt Billings, Vice President of Brokerage, President, Robinhood Markets, Inc., dated Oct. 7, 2025 (``Robinhood Letter''); letter from Brian Steele, Managing Director, President, DTCC Clearing & Securities Services, The Depository Trust and Clearing Corporation, dated Mar. 31, 2026 (``DTCC Letter''). The public comment file for the Application is available on the Commission's website at: https://www.sec.gov/comments/600-39/600-39.htm . \9\ Letter from Chad Cascarilla, Chief Executive Officer, Paxos Securities Settlement Company, LLC, dated April 16, 2026 (``PSSC Response