Know about the Blockchain firm Prometheum’s unveils Ethereum Custody
U.S. the crypto industry complains loudly about the lack of clear regulation, but one company sees it differently. Digital asset platform Prometheum took the opposite view that a clear legal framework for trading crypto already exists a move that drew the ire of others in the industry.
On Friday, the New York-based company tested its theory with the launch of a long-planned Ethereum management service. This move is noteworthy because Promethium does it in such a way that the token is classified as a security under the supervision of the Securities and Exchange Commission.
The custody launch appears to embrace the position taken by company chairman Gary Gensler, who has criticized the stance of the wider crypto industry by saying the existing regulatory regime is adequate and effective.
“It ends a lot of the argument that things can’t be done under existing regulations,” said Aaron Kaplan, co-CEO of Prometheum Inc., the parent company of the Ethereum startup.
Founded by brothers Aaron and Benjamin Kaplan, Promethium existed in obscurity before bursting onto the crypto scene in mid-2023 by purchasing the first broker-dealer license to allow companies to digitally manage the asset.
While most of the blockchain industry argues that most cryptocurrencies should not be considered securities under the jurisdiction of the SEC, Prometheum made another new statement saying it argued with an exclusive company license if it were to make its primary objective it is a broker-dealer difference-alternative trading platform.
Conclusion: Prometheum’s proven Ethereum custody solution is an important milestone in digital asset management. Meeting important security, compliance, and usability requirements, Promethium sets a new standard for the industry.