The post Prometheum’s Response To Trump’s Pro-Crypto Agenda: Executive Reveals Future Strategies appeared on BitcoinEthereumNews.com.

Prometheum, a firm that has garnered attention for its first-of-its-kind license to operate in crypto-based securities, finds itself at a crossroads. The firm has positioned itself within the regulatory framework established by the US Securities and Exchange Commission (SEC) under its chair, which has taken a tough stance on crypto classifications.  However, with leadership changes on the horizon, as SEC Chair Gary Gensler announced his departure and pro-crypto Donald Trump prepares to take office in 2025, the regulatory environment and the potential shift in the classification of these tokens could challenge the firm’s operations. Prometheum Faces Uncertainty As SEC’s Gensler Resigns Prometheum has touted the SEC’s existing rules as “beneficial,” leveraging them to secure a Special Purpose Broker Dealer license. This status allows the firm to operate as a platform for trading digital securities, a niche market within which it has marketed itself.  In 2023, the company notably testified before the US Congress – with a Democratic majority – on digital assets, marking a significant milestone despite its relative anonymity within the broader crypto community. However, Fortune reports that the anticipated resignation of Gensler, coupled with the election of Trump, presents a double-edged sword for Prometheum. The incoming Trump administration is expected to adopt a more lenient approach toward cryptocurrencies, potentially redefining the classification of many tokens that Gensler has deemed “securities.”  The report alleges that this shift could undermine Prometheum’s business model. Its model hinges on the premise that many cryptocurrencies are classified as securities, allowing it to provide the necessary legal infrastructure for trading those assets. The political landscape adds further complexity. Prometheum has faced scrutiny and criticism from some lawmakers, particularly Republicans, who have questioned its ties to China—an allegation the firm has continuously denied.  Co-CEO Eyes Expansion Beyond Crypto In response to Fortune’s inquiries about Prometheum’s prospects,…

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Filed under: News - @ November 27, 2024 10:25 am