Prometheum Earns Final Regulatory Nod to Try Hand at Fully-Compliant Crypto
Prometheum Inc. has obtained approval from FINRA to clear and settle digital asset securities trades, expanding its licensing. The company plans to begin taking custody of institutional clients' assets in the next quarter and offer trading and clearing services in 2024. This move challenges the crypto industry's argument that it's impossible to operate under existing rules. Prometheum's success could undermine other companies' complaints about operating in the U.S. The SEC has not made the process of trading digital assets clear, and its stance on cryptocurrencies as securities remains ambiguous. Prometheum's business model, despite its regulatory licensing, has faced skepticism from some in the industry. The company's next steps will be closely watched to see if it can operate without SEC intervention. The SEC's recent proposal to demand registered investment advisers only use "qualified custodians" for clients' crypto assets could further elevate Prometheum's relevance.
