According to Fourtune, US blockchain company Prometheum has launched the long-awaited Ethereum custody process.
While there is no clear decision about Ethereum, the New York-based company launched its long-planned custody services for Ethereum and announced its controversial ETH move.
This move by Prometheum is notable because Prometheum does its ETH custody service in a way that classifies it as a security under the supervision of the SEC.
Prometheum's Ethereum custody service launch goes against the stance of the broader crypto industry, saying the current regulatory regime is adequate and effective for ETH.
Because the dominant view in the cryptocurrency industry argues that the vast majority of cryptocurrencies, including ETH, should not be considered securities under the authority of the SEC.
However, Prometheum did not agree with this dominant view for ETH and made a move in which ETH would be classified as a security under the supervision of the SEC.
“This marks the first time a digital asset has been held and traded under securities laws,” Aaron Kaplan, co-CEO of Prometheum Inc., said in a statement. said.
Kaplan also told Fortune that Prometheum Inc., a subsidiary of Prometheum that holds a broker-dealer license, is tentatively launching the product and plans to fully launch ETH custody services by the first week of June.
Experts told Fourtune that this move by the company is part of a larger strategy to ensure that US regulators define Ethereum as a security.
*This is not investment advice.