Wanxiang executive Xiao Feng at the Fourth West-Lake Summit on Global Alternative Investment Fund, May 20, 2018. Credit: West-Lake Summit
When Aaron Kaplan, the co-chief executive of New York-based cryptocurrency company Prometheum, testified in front of Congress in June, he caused quite a stir among the watching crypto community.
During his testimony, Kaplan revealed that the little-known firm, founded in 2017, had received the first license under Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) guidelines to operate as a digital asset securities broker-dealer. This move to effectively treat crypto currencies as equivalent to things like stocks and bonds is important for crypto firms like Prometheum, which argue that it will make it much easier for them to comply with regulators’ requirements.
Aaron Kaplan testifying in front of Congress, June 13, 2023. Credit: Financial Services Committee
Prometheum’s breakthrough isn’t the only intriguing aspect of its rise: the key role played by Chinese interests is also now drawing scrutiny from U.S. politicians and r
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