has not yet identified any assets that it plans to offer
The path to actually “registering” a blockchain token as a security is not at all clear, suggesting a possible scenario where Prometheum becomes a formally registered digital asset marketplace … that doesn’t actually sell any digital assets. Additionally, Prometheum currently only plans to serve accredited investors, not the general public.
That’s particularly illustrated by the cases of bitcoin and ether, the native token of Ethereum. While bitcoin has been fairly clearly designated a commodity for regulatory purposes, it’s one of many crypto assets that do not have any clear “issuer” or other figure who would even be able to properly register the asset with the SEC. That includes genuinely open-source and community-driven protocols like Dogecoin and Monero.
Lawyer Coy Garrison, former counsel to SEC Commissioner Hester Peirce, pointed out that this means the SEC is advocating an utterly incoherent market structure for crypto assets., “but one is to use them on the network … The application of securities laws [to these assets] would be so burdensome as to render the operation of the network moot.”
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