- In February, Prometheum made the decision to include ETH as its custodial service’s initial asset.
- Many see Aaron Kaplan, co-founder of the platform, as being in favor of the US SEC.
An Ethereum custody service has been soft-launched by digital assets platform Prometheum in preparation for a full launch of crypto services later this quarter. As far as the digital currency ecosystem is concerned, this product launch was the first of its type, according to Fortune.
Because of its contentious position on the security status of several assets, including Ethereum, Prometheum emerged as a popular player in the digital currency ecosystem. Ethereum is regarded as a registered security under existing Federal rules by the Ethereum custody service soft launch from Prometheum.
In Favor of the SEC
Although many contend that assets like Ethereum cannot be legitimately classified as securities, Prometheum managed to do just that. Despite widespread belief among business titans that registering with the SEC is next to impossible, Prometheum was successful in getting the green light.
In February, Prometheum made the decision to include Ethereum as its custodial service’s initial asset. Many claim Aaron Kaplan, co-founder of the platform, as being in favor of the US SEC.
Many financial institutions, including banks and crypto-focused hedge funds, are potential customers for Prometheum’s Ethereum custody service. Prometheum is prepared to integrate into the expanding Ethereum ecosystem, thanks to the divisive support of FINRA and the SEC.
Many are worried about the industry’s future when Prometheum introduced an Ethereum custody service as a security. The SEC’s decision on the spot Ethereum ETF will determine when this launch takes place. Rumors have been circulating for some time that the US SEC, presently headed by Chairman Gary Gensler, would likely label Ethereum as a security.
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