The U.S. crypto industry has complained loudly about a lack of regulatory clarity, but one firm sees it differently. Digital assets platform Prometheum has taken the contrarian view that a clear legal path already exists to trade crypto—a stance that has drawn the ire of others in the industry.
On Friday, the New York–based company put its theory to the test by launching its long-planned custody services for Ethereum. The move is notable because Prometheum is doing so in a way that classifies the token as a security under the supervision of the Securities and Exchange Commission. The custody launch appears to validate the position of agency chair Gary Gensler, who has countered the broader crypto industry's position by saying the existing regulatory regime is adequate and effective.
