The Crypto World, the SEC, and A Web of Connections: A Deep Dive into the Prometheum Enigma [93]

Who is Aaron Kaplan's puppetmaster? What role does he play in Chokepoint 2.0?

In the spirit of unearthing truths and revealing hidden narratives, I've been poring over an intriguing thread by Matt Walsh on the peculiar situation of Prometheum's regulatory navigation. It's a labyrinthine weave of connections, regulatory filings, and pointed Twitter threads. So, grab a cup of coffee, and let's journey through this together.

Walsh commences his thread by spotlighting a tweet from @SGJohnsson. The user astutely observes an anomaly: the Alternative Trading System (ATS) that Prometheum is striving to operationalize won't work unless the tokens for their projects are registered with the SEC. However, no tokens are currently registered with the SEC, largely due to the existing regulatory framework being ill-suited for public blockchain networks.

The plot thickens as US Representative Mike Flood, cited by @RSSH273, bluntly labels Prometheum's claims as "utter nonsense" in this tweet. The thread takes an even more intriguing twist when @AlexanderGrieve paints a picture of Prometheum's audacious vision: All Layer 1 (L1) cryptocurrencies are securities and, consequently, should trade on Prometheum. It's a statement that begs scrutiny.

Walsh plunges deeper into the narrative by highlighting two SEC filings here and here. According to these filings, Prometheum has pre-sold tokens to a firm named Wanxiang, among others. Intriguingly, the question of whether Wanxiang has ties to the Chinese Communist Party is raised, adding a layer of mystery to the narrative.

In a related vein, Walsh points out that Network 1 Financial Securities, a company with a notable regulatory track record, is affiliated with China, similar to Prometheum. He provides a regulatory filing and a link to Network 1 Financial's regulatory history to substantiate his claims.

But who's the power behind Prometheum? Walsh leads us to Gusrae Kaplan, a law firm. The Kaplans, upheld as securities law experts, have an intriguing educational background: two of them attended a now-unaccredited law school, as noted in this ABA Journal article.

So, what does all this mean? It appears that Prometheum's saga is yet another chess move in the government's Operation Chokepoint 2.0 gambit. For those unfamiliar, Operation Chokepoint is a controversial initiative that involved investigating banks and the business they do with firearm dealers, payday lenders, and other companies believed to be at high risk for fraud and money laundering. The term "Chokepoint 2.0" is being used to refer to the new wave of tactics that seemingly aim to stifle innovation and control the narrative in the crypto industry, with Prometheum serving as a form of "controlled opposition" - a term used to describe an effort that is made to appear independent but is actually used to manipulate or steer public opinion.

Prometheum, under the guise of disrupting the crypto space, could be a tool used to shape the narrative and control the direction of the industry, serving the interests of those who aim to maintain the status quo. This thread serves as a timely reminder to stay vigilant, question the narrative, and continue to seek the truth. Remember, in the rapidly evolving world of crypto, not everything is as it seems. So keep questioning, keep exploring, and most importantly, keep disrupting.

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