PROMETHEUM NOT QUITE THE SHINING EXAMPLE THE SEC HOPED FOR

Summary from the TLDR Crypto newsletter

Prometheum, a company that has been around since 2017, recently made headlines for getting approval for a Special Purpose Broker-Dealer license and for testifying in front of Congress earlier this week. Despite raising $50M through a Reg A+ filing, having ex-SEC and FINRA staff on their team, and gaining approval from SEC and FINRA, the firm has yet to launch a product. Their activities, including a fundraising event associated with an entity with a checkered past and hiring ex-SEC and FINRA personnel without a clear product, have sparked suspicion. Their sudden approvals and their listing of tokens in 2022, despite claiming no operational ability in 2023, have added to the suspicion.