Uncovering Allegations of Corruption: The SEC, Ethereum, and Prometheum Connection
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Prominent crypto analyst, Mr. Huber lifts the veil on what he terms as potentially “the most significant corruption scandal in US history.” His accusations center around the Securities and Exchange Commission’s (SEC) alleged preferential treatment of Ethereum and its connections with a project named Prometheum.
This is the only project the agency whose purpose is to protect main street investors ever approved and excluded from regulation. This is the biggest corruption scandal in the history of the US. The Ethereum crooks bribed the SEC. There is no way around this very fact. https://t.co/96fAWWEZ0T pic.twitter.com/ANW4pa4CFY
— Mr. Huber
(@Leerzeit) August 29, 2023
The SEC’s in Crypto’s Frontier
The year 2023 has been monumental for the crypto sector, with the SEC stamping its hostile authority across the board. This regulatory giant took on some of the most substantial entities in the crypto realm, including Ripple, Paxful, Circle, and Binance, which boasts over 60% of the market share for crypto platforms, and its rival, Coinbase. Both Binance and Coinbase are leading crypto exchanges, setting the tone for trading across the globe.
Prometheum’s rise to fame was somewhat unconventional, to say the least. Many were introduced to this previously low-profile entity in early June when its co-founder, Aaron Kaplan, made a surprise appearance in a Congressional hearing. His remarks during this event were nothing short of controversial, as he praised the SEC’s framework for crypto in the US. Kaplan’s opinions caused quite a stir within the crypto community, given the industry-wide sentiment that the SEC had been overstepping with unclear regulations.
The Regulatory Approval
Prometheum isn’t just another startup; it’s a brainchild of Aaron Kaplan and his sibling, Benjamin, founded in 2017. Operating from Wall Street, their vision was to fuse the advantages of a blockchain-centric platform with the safety net of a securities-regulated marketplace. Their ambition did not go unnoticed.
In May, Prometheum made headlines as it emerged as the pioneer crypto enterprise to receive a “special purpose broker-dealer” status for digital assets, sanctioned by the Financial Industry Regulatory Authority. This achievement was soon followed in October, with the SEC granting them the “alternative trading system” title, significantly reducing the regulatory oversight compared to national exchanges.
It’s been alleged that Ethereum founder Vitalik Buterin and the rest of the Ethereum brand have ties to the project.
