“Lack of regulatory clarity” is the catchall complaint levied against U.S. regulators by most major players in the crypto industry. But the founders of Bosonic and Prometheum disagree. Both firms have spent years chasing the necessary regulatory approvals to compliantly trade digital assets, including those seen as securities. Last week, Prometheum secured a potentially landmark approval to operate as a special purpose broker-dealer for digital asset securities. Prometheum co-founder Aaron Kaplan and Rosario Ingargiola, founder of Bosonic, which earlier secured a similar approval, discuss why big players like Coinbase need to quit carping in the court of public opinion and do the hard work of getting approved.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

what Bosonic and Prometheum Capital do
how Aaron and Rosario started working in crypto
what it means to be a special purpose broker-dealer
what the three-step letter from the SEC is and why it's relevant for scaling a digital asset business
how exchanges work in traditional finance and how crypto differs
why Aaron believes there’s a “pathway forward for crypto in the U.S.”
whether the argument that there’s a lack of regulatory clarity is convenient for crypto incumbents
why Aaron agrees with SEC Chair Gary Gensler on his stance that everything except BTC is a security
how a token registration would work and what the nuances would be
why Coinbase’s approval to be a publicly traded company does not mean that the SEC is in line with the business
whether ETH is a security, with Aaron arguing it is and Rosario saying it’s a commodity
what the different requirements are for national securities exchanges and alternative trading systems
what Aaron and Rosario would tell existing crypto companies as it relates to compliance
whether regulation kills innovation

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Crypto.com

Guests:

Aaron Kaplan, co-CEO and co-founder of Prometheum
Rosario Ingargiola, Founder and CEO of Bosonic

Previous coverage of Unchained on crypto regulation:

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