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:
No product launch even after 6 years
Multiple ex SEC and FINRA staff
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?
Hoooooo baby this Prometheum story gets even better.
So they started in 2017 when they filled their Reg A+ and aimed to raise $50M.
But how did these random lawyers supposedly get approval from the SEC and FINRA? pic.twitter.com/6jLMUPldnY
— Adam Cochran (adamscochran.eth) (@adamscochran) June 15, 2023