The Securities and Exchange Commission (SEC) has taken an increasingly stringent stance on cryptocurrencies, delaying approval of bitcoin ETFs, filing lawsuits against exchanges and crypto funds, and introducing new rules without industry input. SEC Chair Gary Gensler's "regulation by enforcement" approach has faced criticism from crypto proponents and some in Congress. A DC judge recently called the SEC's lawsuit against Grayscale “arbitrary and capricious”.

However, regulation does not apply evenly across the industry. Prometheum, a securities trading platform dealing in digital asset securities, was granted SPBD special purpose broker-dealer status, allowing it to custody crypto assets. Prometheum also successfully registered with the SEC. According to the company's CEO, some crypto firms seek to skirt laws meant to protect retail investors. This view is echoed in Prometheum's mission statement, which implies it was founded to comply fully with securities laws and represent the first compliant digital asset trading platform.

Prometheum argues its regulatory clearance shows crypto compliance is feasible. But its endorsement has prompted calls for an SEC investigation from crypto advocacy groups like the Blockchain Association and crypto-friendly lawmakers.