{"id":101366,"date":"2024-11-26T06:57:16","date_gmt":"2024-11-26T10:57:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=101366"},"modified":"2024-11-26T06:57:20","modified_gmt":"2024-11-26T10:57:20","slug":"prometheum-faces-setback-after-genslers-exit","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/prometheum-faces-setback-after-genslers-exit\/","title":{"rendered":"Prometheum Faces Setback After Gensler’s Exit"},"content":{"rendered":"\n

Prometheum's future is uncertain after Gensler's departure <\/a>and rumors of a pro-crypto SEC Chair under Trump.<\/p>\n\n\n\n

\"Prometheum
Prometheum Faces Setback After Gensler's Exit<\/figcaption><\/figure>\n\n\n\n

Prometheum, a cryptocurrency company based in the United States, has previously benefited from Gary Gensler's stricter stance on cryptocurrencies. Nevertheless, current attitudes regarding the future of the company have undergone a paradigm shift as a result of Donald Trump's reelection as the 47th president and Gensler's announcement that he will step down from his position. <\/p>\n\n\n\n

Crypto Firm Prometheum\u2019s Future Appears Less Certain: Report<\/h2>\n\n\n\n

With the growing rumors of a pro-crypto SEC Chair<\/a> soon to take office and the potential reinforcements in crypto securities rules looming, the future of the cryptocurrency company remains uncertain.<\/p>\n\n\n\n

Even if the cryptocurrency industry as a whole has shown a pessimistic reaction to the SEC's critical position, Prometheum has consistently maintained that the standards that are already in place for cryptocurrencies are perfectly acceptable. <\/p>\n\n\n\n

On the other hand, wider attitudes regarding a relaxed hold on digital asset regulations have evolved across the country as a result of the election of pro-crypto President Trump and Gary Gensler's announcement of his departure.<\/p>\n\n\n\n

Firstly, there have been numerous rumors suggesting that Trump's administration will not classify cryptocurrencies as securities, despite the SEC chair being a proponent of cryptocurrencies. <\/p>\n\n\n\n

Gary Gensler, in contrast, views all cryptocurrencies except Bitcoin (BTC) as securities when making his determination. Prometheum's business model stands out as it primarily presents crypto tokens as securities. <\/p>\n\n\n\n

Previously, the company had established its infrastructure in accordance with Gary's and the SEC's control over digital assets. However, the future outlook for the digital asset company in the United States remains uncertain due to the departure of the chair and a nationwide shift towards cryptocurrency.<\/p>\n\n\n\n

CEO Aaron Kaplan On Post-Gensler Era<\/h2>\n\n\n\n

Aaron Kaplan, the Chief Executive Officer of Prometheum<\/a>, stated in an interview with Fortune that the company has the potential to expand beyond the realm of cryptocurrency and make use of its “Special Purpose Broker Dealer” license to provide a variety of services. <\/p>\n\n\n\n

For instance, these services encompass “equities, debt instruments, structured products, options, exchange-traded funds, and money market funds”. “We anticipate that the administration of President Trump will oversee this market transformation, ushering in the benefits that blockchain technology has long promised market participants,” he stated. <\/p>\n\n\n\n

Other prominent figures in the sector seem pessimistic about the company's future. Matt Walsh, co-founder of the renowned crypto venture capital firm Castle Island, stated in an interview with Fortune that he had observed minimal evidence of users using the site for real-world trading. <\/p>\n\n\n\n

Kaplan simultaneously stated that the company is still in its “very early stages” and actively engaged in discussions with financial institutions. This statement sparked ambiguous suspicions regarding the future of the company.<\/p>\n\n\n\n

In the meantime, Republican Representative John Rose has voiced his disapproval of the Securities and Exchange Commission and the Financial Industry Regulatory Authority for their lack of action against Prometheum's Ethereum custody services. <\/p>\n\n\n\n

It was brought to the attention of lawmakers that the Securities and Exchange Commission (SEC)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has accepted that Ethereum is not a security, nonetheless, it continues to permit the broker-dealer to regard ETH as a security. This highlights the complexity of crypto legislation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prometheum’s future is uncertain after Gensler’s departure and rumors of a pro-crypto SEC Chair under Trump. Prometheum, a cryptocurrency company based in the United States, has previously benefited from Gary Gensler’s stricter stance on cryptocurrencies. Nevertheless, current attitudes regarding the future of the company have undergone a paradigm shift as a result of Donald Trump’s […]<\/p>\n","protected":false},"author":62,"featured_media":101376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[22647,17663,143,1305],"class_list":["post-101366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gray-gensler","tag-prometheum","tag-sec","tag-united-states"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/images.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/101366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=101366"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/101366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/101376"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=101366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=101366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=101366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}