Prometheum Becomes First SEC-Approved Crypto Broker-Dealer, Plans Institutional Crypto Trading in 2024
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Prometheum Inc. has obtained approval to clear and settle digital assets securities trades, after already being the first crypto broker-dealer licensed under SEC rules.
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The company plans to begin taking custody of institutional clients' crypto assets in the next quarter, seeing "pent-up demand" from institutions to participate.
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Prometheum intends to make trading and clearing available to clients in Q2 2024, starting with institutions then expanding to retail investors.
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The company argues it can operate fully within SEC rules, unlike other crypto platforms that contend regulations are "incompatible" with digital assets.
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Prometheum's co-CEO has waged rhetorical battles with crypto competitors over compliance, even getting tapped to testify before Congress.