Wu learned that Paxos has announced it has submitted an application to the Office of the Comptroller of the Currency (OCC) to convert its existing trust license issued by the New York State Department of Financial Services (NYDFS) into a federal trust license. If approved, Paxos will be subject to federal regulation in the United States, building a multi-jurisdictional compliance framework alongside its existing regulations in Europe (FIN-FSA), Singapore (MAS), and the Abu Dhabi Global Market (FSRA).