SNEAK PEEK

• Tyler Winklevoss exposes SEC’s double standards in cryptocurrency regulation.
• Prometheum’s controversial approval raises eyebrows in the industry.
• Questions arise over SEC’s motives and fairness as established exchanges face legal battles.

In a recent revelation, Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, exposed a disparity in the SEC’s recent actions. While reputable businesses like Coinbase and Gemini face legal battles, an alleged unproven entity called Prometheum manages to secure approval for a digital asset securities endeavor. 

The moral of the story: If you have a fake business you will get approved by the @SECGov, if you have a real business you will get sued by the SEC. 😂🤡 https://t.co/L9Yf4VnF5f

— Tyler Winklevoss (@tyler) June 15, 2023

Prometheum, a relatively unknown player in the digital asset securities realm, managed to obtain a first-of-its-kind Special Purpose Broker-Dealer (SPBD) license, raising eyebrows across the industry. The approval came at a time when established exchanges like Coinbase and Gemini faced regulatory hurdles, sending shockwaves through the cryptocurrency community.

Adding to the intrigue, Prometheum’s CEO appeared before Congress, armed with pre-written notes and seemingly coordinating narratives with Democratic members and SEC officials. 

Then Prometheum’s CEO somehow gets a seat in front of Congress yesterday and starts reading off pre-written notes clearly coordinating narratives with Democratic members of Congress (or the SEC)https://t.co/ZauMxJcBn5

— Matt Walsh (@MattWalshInBos) June 14, 2023

Doubts about Prometheum’s claims quickly surfaced. Experts noted that for their Alternative Trading System (ATS) to function, token projects must register with the SEC. Yet, there are currently no registered tokens due to the impracticality of the current regulatory framework for public blockchain networks.

Congressman Mike Flood hit the nail on the head, dismissing Prometheum’s grandiose claims about all L1 tokens being securities and needing to trade exclusively on their platform. However, Prometheum did unveil their own blockchain, aptly named Prometheum Chain, alongside their own token.

Prometheum managed to secure significant funding, raising $48.19 million and attracting investments from prominent entities like Wanxiang. However, questions arose about their fundraising approach, as they unusually utilized an investment bank even in the early stages of their venture.

The situation raises concerns about the SEC’s motivations and fairness within the industry. While established businesses struggle to navigate the regulatory landscape, a fringe player with a questionable business model enjoys undeserved accolades and regulatory approval.

Is the SEC orchestrating a psychological operation (PSYOP), pitting Democrats against the proposed market structure bill? The industry demands answers, as the fate of legitimate businesses hangs in the balance.

In a rapidly evolving market, such disparities can have far-reaching consequences. It remains to be seen how this controversial chapter will unfold, but one thing is clear: the cryptocurrency community deserves transparency, fairness, and a level playing field.

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• Source: https://investorbites.com/secs-dubious-approval-of-prometheum-raises-questions-of-fair-play/