It's probably the most bizarre crypto story since FTX collapsed and Sam Bankman-Fried's (SBF) entanglements with politics and the U.S. Securities and Exchange

cross-posted from: https://exploding-heads.com/post/102843

Smells like corruption to me:

  • Prometheum received approval to become the first special purpose broker-dealer (SPBD) of its kind for securities with digital assets. In doing so, Prometheum became the first company to receive approval from the Financial Industry Regulatory Authority (FINRA) to provide custody of digital securities as a broker-dealer.

  • Kaplan apparently read off prepared notes during his hearing that were apparently coordinated with Democratic members of Congress and the SEC.

  • Prometheum have their own chain and their own token. They have already sold some of this token, among others to the Wanxiang Blockchain company

  • Wanxiang is a Chinese Communist Party (CCP) affiliate.

  • Wanxiang’s most famous employee is Vitalik Buterin, according to Wanxiang’s homepage.

  • Prometheum obtained its crypto-securities license from FINRA despite not yet offering a single token (neither Bitcoin or Ethereum)

  • They paid more than $1.5 million in sales commissions to a New Jersey-based firm called Network 1 Financial Securities.

  • a “shady” broker with a Chinese subsidiary and a terrible compliance record of more than 20 regulatory or civil cases against them.

Bizarre that this fringe player with no biz model is being held up as an example of compliance by the SEC when the actual businesses in the United States can’t get a fair shot. An SEC PSYOP to have the Dems oppose McHenry-Thompson market structure bill?