FED sues Binance, Gemini, Coinbase but they approved Prometheum to operate an exchange.

It seems like there's some new drama in the cryptoverse. SEC has recently sued major crypto exchanges namely Binance, Coinbase Gemini and Kraken for not complying with their security laws while at the same time they have Prometheum.

The differences that set Prometheum apart from the major exchanges are as follows:

  1. No product launch even after 6 years

  2. Multiple ex SEC and FINRA staff

  3. Hiring a Chief Technology Officer based in Isle of Man with zero internet presence

If these don't ring the red flags then I don't know what will. Prometheum, SEC's poster child has a history of not keeping up their word and failing to fall through on their promises.

This may sound like a conspiracy theory but I think the plot is more sinister than we think. SEC is clearly brewing something up with Prometheum while giving the major exchanges a hard time. Even these big exchanges look like green flags in front of the shady lovechild of SEC, Prometheum.

What do you think could be the reason behind SEC backing up a useless broker/dealer like Prometheum with a shady past while it slowly strangles it's competitors?

Source:

https://twitter.com/tyler/status/1669332864398409728?t=VqYt4UlNReTBYEd8SLRPwg&s=19

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46 thoughts on “FED sues Binance, Gemini, Coinbase but they approved Prometheum to operate an exchange.”

  3. Surely all the former SEC staff at Prometheus is just a happy coincidence? Right?

  4. The Isle of Man is a tax haven too, that is why so many online casinos and poker sites are based there.

  5. Bureaucracy is the enemy of innovation. Even though CEXs need tough regulations it doesn’t help when the requirements are not communicated.

  6. It’s very clear what Gensler is up to.

    Prometheum Co-CEO Aaron Kaplan, the first company approved by SEC, and FINRA as a special purpose broker-dealer.

    “This is what’s coming. It’s not a matter of if, but when now”

  8. Lmao this is classic USA. People in power abusing their power for their own profits. Cant make this shit up tbh

  10. Check out INX exchange. Just as sus. Wish someone smarter than me could do a little digging.

  11. Cointest pros & cons with related info are in the collapsed comments below for the following topics: Binance Coin, CBDC.

  13. Blew my mind seeing Fed in the title.😁 So, lightbulbs should be coming on anytime now. Sec is just a face.

  15. As usual it is Mafia shit, plain and simple. Some people will yell conspiracy, but that’s literally the game of America (I have some books and docs for you) and a conspiracy is just a couple people making a deal in a back room. Why would the financial agencies NOT want the same hold in the next iteration of digital finance that they have now? It seems it will most likely happen at the expense of Gensler’s career because this is obvious bullshit, but that would seem like a small price to pay to kneecap your theorized competition and tie them up in legal drama for years.

    I don’t think any of that will end up working, but it’s my theory and I’m sticking with it.

  16. What exactly did they “approve” of? Aren’t here a ton of these obscure little exchanges? They will probably all get sued eventually.

    This sounds like more stupid conspiracy BS. This sub is full of it.

  17. This is just the start to show that the SEC will register crypto exchanges. As Gensler will say “there is a path for compliance for crypto companies” muhahahahaha.

    Next up are the incumbents. Blackrock, Fidelity, and all the major banks. They will get a licence by the SEC to list crypto securities.

    They wouldn’t dare to present them as an example of registration because all the other industry players will create a public outcry (and rightfully) about them handing the crypto industry to wall street.

  19. The third one is the best. Oh yeah this our chief technology officer. He doesn’t have internet.

  22. The FED is the US central bank. The SEC is the US securities commission. They are not the same…

  24. but yet, I probably can’t use it, being in NY. since ny is it’s own world when it comes to crypto rules

  27. Sounds like their CTO is just a registered agent which is required for IoM based companies. I’m too lazy to check though.

  28. https://cointelegraph.com/news/cex-features-and-simplicity-come-to-defi-heres-how

  29. Something is rotten in the state of Denmark.

    This Prometheum charade is just that….a farce. To make it appear there has always been a way to become approved by SEC to sell crypto “securities.”

    It’s nonsense and pretty dubious on the part of SEC.

  30. Maybe because they are trading crypto security assets AS SECURITIES? It’s all on their website.

  31. And they don’t even offer BITCOIN! The only crypto officially declared not a security. Wtf

  33. What the actual fuck is going on the way they can just be blatently corrupt out in the open and it’s fine highlights how broken our system has truly become.

  35. I’m surprised this story hasn’t gotten more traction in the crypto community, huge.

  36. > Prometheum

    Seriously?! Sounds like a Big Pharma drug to keep one’s prolapsed ass in check.

  39. Money rules the world, and with enough bad PR goin into crypto the masses aren’t even interested if its fair or not

  42. Well if you have no coins listed, you can’t be fined or served a wells notice for trading illegal securities. Big Brain Move.

    Besides being a failed launch so far, the fact is its compliant. 0 is compliant. LOL

  43. This Prometheum story looks very bizarre. All I’ll say is that the SEC can’t be trusted. Remember their failure on subprime mortgages and Bernie Madoff?

    The regulator is either corrupt or just completely inept. Pick one (or both).

  44. So the poster child of an exchange doing it the right way in the SEC’s view doesn’t actually offer any of the top cryptocurrencies?
    A bit telling isn’t it?

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