If you’d never heard of the crypto startup Prometheum before this week, you’re far from alone. And yet, seemingly overnight, the company has become the Securities and Exchange Commission’s poster child for compliance—a shining example of regulatory certainty for an industry filled with “hucksters, fraudsters, and scam artists,” according to SEC Chair Gary Gensler.

So what is Prometheum and who’s behind it? Industry observers have been quick to cast aspersions at the startup, scrutinizing the viability and roots of its business after the company’s co-CEO testified before members of Congress on Tuesday.

Describing itself as a market ecosystem for digital asset securities, the firm says it’s the first crypto-centric broker-dealer to register with the SEC while being a member of the Financial Industry Regulatory Authority (FINRA)—and it’s bent on bridging traditional finance to crypto.

To that end, the company’s founder and co-CEO Aaron Kaplan testified before the House Financial Services Committee earlier this week, saying a path to compliance has been clearly laid out by the SEC.

Kaplan also pushed back against new legislation in the U.S. aimed at clarifying crypto,
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Author: André Beganski

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