Cryptocurrency: Prometheum Exchange Trojan Horse SEC Democrats

[grarpamp]

More on the Prometheum GovCorp Shitcoin Trojan scam...
A good Private Distributed P2P Crypto Cash does not need their laws,
only the Law of Crypto Code...


Prometheum is the only SEC-registered crypto securities firm, but have
no business activity. There is very strong evidence suggesting they
are a government plant/use insider links to abuse current laws and
gain a monopoly & deceptively make legitimate crypto firms into
scapegoats "breaking the law"

by OneThatNoseOne

https://www.axios.com/2023/03/06/crypto-register-sec-securities-exchange-commission
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Virtually everything we have seen out of the SEC is them claiming
crypto to be securities and claiming exchanges are then securities
exchanges and need to register with the SEC. However, exchange after
platform after exchange has complained that SEC is unwilling to
provide any regulatory clarity or guidance in how to comply with laws.
Further, exchanges, most notably Coinbase actually hold a
brokers-dealers license which should allow them to trade securities
but however they say there is no way to activate it with the SEC.
Thus, registering as a securities exchange is in fact impossible.

Now there happens to be one exchange that is indeed registered as a
crypto securities exchange however every single detail about this
company is questionable. First of all there is no discernable business
activity by the firm. This is such that they are registered to trade
securities, but do no trading. Part of this is because crypto
securities exchanges can only trade registered crypto securities. The
problem here is that only 9 tokens have ever been registered as
securities, and only one of them can be realistically traded as all
the rest are dead or dying with volume that virtual amounts to zero.
And the firm owning this one tradable token itself has low volume and
has also posted consistent losses every single quarter of its
existence which bodes terribly. So basically, the only thing that
could save the exchange was if regulators could blatantly label 99% of
tokens as securities, as they already have with staking. Sound
familiar? But that’s not all.

The CCO of Prometheum is a dude named Joseph Zangri. Let’s take a look
into this individual shall we?

Joseph Zangri happens to have been the ex Global Head of Compliance
and CCO for Bloomberg, so we know he has strong ties in TradFi as his
history at the national Futures Association shows and lookie here, he
previously worked as a Senior Enforcement Attorney at the Securities
and Exchange Commission. A very interesting “coincidence”.

Also, “coincidental” is the history of another staff member, Rosemarie
Fanelli, who worked at the New York Stock exchange, expected Wall
Street ties, and guess who else, FINRA, who is yet another financial
regulator.
​
A third member of staff John Tornatore also worked at giant financial
asset player CBOE in a common thread.

There’s something special about these staff here that had connections
to FINRA. Mrs. Fanelli(FINRA) joined Promethuem in May 2021. After
which, Prometheum managed to obtain their license from FINRA only a
2-3 months later, an extremely quick turnaround in regulatory terms.
Companies can be kept waiting for years.

They had also scrubbed their webpage and change their roadmap where
they initially claimed a genesis block blockchain launch in 2019,
which was mysteriously scrubbed in an updated version.

At least initially, Prometheum was likely unable to transact crypto
securities as it could not clear them. This is because of how poorly
current security laws work with blockchain technology such that
technically, the blockchain itself is the security clearing agency
which clears transactions instantly and current securities law do not
make provisions for this.

This is also backed by statements by Bloomberg.

Later on, in a way I can only describe as somehow Prometheum
apparently managed to bypass all these issues.

And on the final point, look at how they specifically point out them
gaining approval to embarrass and incriminate the rest of the crypto
industry.

There’s also something weird. Prometheum claimed to have launched an
alternative trading system(a less strict securities exchange) back in
2022.

The issue is that they only received their SEC approval in 2023. So
either they were breaking the law or they launched a product with no
business as, once again, a means of deceptively showing crypto firms
in a bad light as “could exchange could register and operate if they
really wanted to”.

But consider this, if the SEC were to blatantly label all tokens as
securities, Prometheum would be literally the only firm with the
ability to offer crypto for trade. And what do you know, the SEC so
happens to have made very similar statements of trying to label and
designate all crypto as securities. A great way to kill crypto in the
US, and a great way to give Prometheum a monopoly. They even rub all
this in your face in their whitepaper/business docs.


A total of 9 firms and tokens have registered/complied with regulators
and securities laws. Only 1 currently survives, the rest either
failed, restructured or were abandoned. And this 1 surviving token
reports consistent losses since 2021. The laws simply don't work.

Only this year in March for the first time the SEC has provided
details on firms what registered or “collaborated” with the SEC and
the details. The results however are harrowing. Out of nine firms and
tokens, only one still functions as originally intended and even then
the business is burning cash with mounting losses.

Blockchain of Things, a platform for building dapps, were in operation
since 2015 and after almost 8 years shut down in this year of 2023.

ParagonCoin, which made a token for weed entrepreneurs, has disappeared.

YouNow was a livestreaming company that had its PROPS token. The token
was abandoned in 2021.

Airfox (Carrier EQ) was fined by the SEC and bought out 2 years later.

Enigma MPC “swapped” their token for SCRT and were absorbed by Secret Network

SALT Lending registered after an ICO settlement and is currently
apparently in limbo with no discernable business activity, presuming
it isn’t abandoned.

Ceres also seems to be in limbo with no discernible business activity currently.

Hiro Systems had a token that is currently no longer a security.

INX seems to be the only still-functioning platform in the list,
however they seem to simply be making loss after loss, for the 2021
and 2022 and well as Q1 2023.

It would simply appear that even if one wants to “follow the rules” it
simply doesn’t make financial sense. The rules are so restrictive that
a securities exchange cannot trade Bitcoin, or any other commodities
for that matter, which is obviously a MASSIVE blow, making it very
hard to be profitable. This means that a crypto securities exchange
may only offer for trade tokens in this list of 9, the majority of
whom are dead or very close to it. It seems it is better for firms to
try their luck avoiding the SEC. This is to say nothing of the
difficulty and cost of registering as a security in the first place.