The Block Crypto News19 minutes ago

Published on May 20, 2024 14:25 GMT+00:00edited on May 20, 2024 14:31 GMT+00:00

Controversial digital asset firm Prometheum Capital has soft-launched ether custody services in a way that treats ether as a security under the supervision of the U.S. Securities and Exchange Commission.

Prometheum originally planned on offering the service in the first quarter of 2024, having selected ether as the first digital asset for its crypto custodial services in February. However, it soft-launched the product with an unnamed small group of companies on Friday and intends to fully launch custody services in June, Fortune first reported on Monday, confirmed by The Block. Prometheum co-CEO Aaron Kaplan reportedly told the outlet that trading services would begin within a quarter.

“It eliminates a lot of the arguments that things can’t be done under existing laws,” Kaplan told …