According to Decrypt on May 20, Prometheum completed its first crypto transaction last week. Since its founding nearly a decade ago, the company has raised about $100 million in funding and currently offers only Ethereum transaction services. Co-CEO Aaron Kaplan said the company expects to launch more digital assets in the “not too distant future.” However, as crypto-friendly stances have increased, Prometheum’s exclusive regulatory advantage is facing challenges.
Prometheum’s confirmed milestones and service scope
Confirmed by Decrypt:
Time of first transaction: Last week (around mid-May 2026)
Supported assets currently: Only Ethereum
Kaplan’s planned statement: More digital assets expected to be launched in the “not too distant future”
Funding history: Founded nearly a decade ago; raised about $100 million
Target market (Kaplan’s statement): Serving brokerage traders, registered investment advisor channels, and major asset issuers
Prometheum’s confirmed regulatory credentials and background
Confirmed from public information:
2023: Became the first company to obtain SEC and FINRA special purpose broker-dealer (SPAC) licenses
Meaning of the license: Allows the lawful custody of digital asset securities under federal law
Industry criticism in 2023: During congressional testimony, Kaplan endorsed the SEC’s hardline enforcement approach of the Gensler era. Critics in the industry called Prometheum’s approach “a bicycle without wheels” and “a vending machine without snacks”
Confirmation of changes in the SEC regulatory environment
Confirmed from public reports and analysis by Winston & Strawn LLP:
Gensler steps down: Gary Gensler has left office, with Paul Atkins taking over as SEC Chair
Lawsuits dismissed: The SEC’s lawsuits against Coinbase and others were formally dismissed, along with most other lawsuits and investigations related to the cryptocurrency space
Hester Pierce: Serves as head of the SEC’s crypto working group
Winston & Strawn LLP analysis: SEC’s revised guidance shows that traditional broker-dealers can now custody digital asset securities under standard customer protection rules, without Prometheum’s special license
Aaron Kaplan’s confirmed quotes
Kaplan said in an interview with Decrypt: “We’ve been working hard and making steady progress. Our goal is to be able to serve brokerage traders, registered investment advisor channels, and major asset issuers.” “This is good news for cryptocurrency. It will bring hundreds of millions of accounts—accounts that can suddenly invest in cryptocurrency.”
Common questions
Does Prometheum’s special SPAC license still have unique competitive value?
Based on Winston & Strawn LLP’s analysis of SEC revised guidance, traditional broker-dealers can now custody digital asset securities under standard rules without needing the special license that Prometheum spent years obtaining. This may mean its regulatory moat is no longer exclusive, but the company’s infrastructure is already in place.
What crypto services does Prometheum currently provide?
According to Decrypt, Prometheum currently offers only Ethereum transaction services. Aaron Kaplan said the company plans to roll out more digital assets in the “not too distant future,” but no specific timeline has been announced.
Why did the industry previously criticize Prometheum so heavily?
In 2023, when Kaplan testified before Congress, he endorsed the SEC’s hardline enforcement stance of the Gensler era. Critics viewed it as cooperating with regulators to crack down on the industry, while companies such as Coinbase were simultaneously fighting the SEC in court; critics mocked its approach as “a bicycle without wheels” or “a vending machine without snacks.”
