Digital asset company Prometheum launches Ethereum custody service

According to news on May 20, according to Fortune magazine, last Friday, Prometheum, a compliant digital asset company, launched an Ethereum custody service. The move is noteworthy because Prometheum does so in a way that would classify the token as a security and subject it to oversight by the U.S. Securities and Exchange Commission (SEC). The launch of this custody service seems to validate the position of US SEC Chairman Gary Gensler, who refutes the broader crypto industry view that the existing regulatory system is adequate and effective. This eliminates a lot of the debate about being unable to operate under current laws, said Aaron Kaplan, co-CEO of Prometheum Inc., the parent company of the entity launching the ethereum custody service. Prometheum Inc., the Prometheum subsidiary that holds a broker-dealer license, has soft-launched the product with a small group of companies and plans to fully launch custody services in early June.