Prometheum faces collapse after Gensler's departure The future of cryptocurrency companies remains uncertain as rumors grow about the imminent arrival of the chairman of the SEC's Commission for the Advancement of Cryptocurrencies and the possibility of stricter regulation of cryptocurrency securities.
Although the entire #cryptocurrency industry has reacted pessimistically to the SEC's key stance, Prometheum has consistently stated that the already existing standards for #cryptocurrencies are not entirely acceptable.
Meanwhile, the election of President Trump as a proponent of fiat currency and the announcement of Gary Gensler's departure has resulted in a broader attitude toward the deregulation of digital assets across the country.
First, there have been many rumors that the Trump administration will not classify cryptocurrencies as securities, despite the SEC chairman being a supporter of cryptocurrencies.
Gary Gensler, on the other hand, considers all cryptocurrencies except bitcoin (BTC) as securities when making his decisions. Prometheum's business model stands out mainly because it presents cryptocurrency tokens as securities.
Gary and the SEC have previously set up an infrastructure in compliance with digital asset management requirements. However, the future of the U. S. -based digital asset company remains uncertain due to the resignation of its chairman and the transition to a national cryptocurrency.
Aaron Kaplan, Prometheum's CEO, told Fortune that the company may offer various services outside the cryptocurrency sector using a "professional broker-dealer" license.
For example, these services include equities, debt instruments, structured instruments, options, exchange-traded funds and money market funds.
President Trump's administration expects blockchain technology to deliver the benefits it has long promised to market participants and oversee market transformation, he said.
other prominent industry figures seem pessimistic about the company's future.
At the same time, Kaplan said the company is still at a "very early stage" and is in active talks with financial institutions. The statement raised mixed suspicions about the company's future.
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