Podcast Summary

The podcast features a discussion between Aaron Kaplan, co-CEO and co-founder of Prometheum, and Rosario Ingargiola, Founder and CEO of Bosonic. They discuss the regulatory landscape of the crypto industry, the role of special purpose broker-dealers, and the future of crypto in the U.S.

Key Takeaways

  • Prometheum and Bosonic: Both firms have spent years securing the necessary regulatory approvals to compliantly trade digital assets, including those seen as securities. Prometheum recently secured approval to operate as a special purpose broker-dealer for digital asset securities, and Bosonic secured a similar approval earlier.
  • Special Purpose Broker-Dealer: Being a special purpose broker-dealer allows them to work with issuers and list assets that they have worked with, providing more flexibility in what assets they support.
  • Regulatory Clarity: Both Aaron Kaplan and Rosario Ingargiola believe that there is a pathway forward for crypto in the U.S. They argue that the claim of a lack of regulatory clarity is convenient for crypto incumbents.
  • SEC Chair Gary Gensler’s Stance: Aaron agrees with SEC Chair Gary Gensler on his stance that everything except BTC is a security. He believes that token registration would work and discusses the nuances of it.
  • ETH as an Asset: There is a debate on whether ETH is a security or a commodity. Aaron argues that it is a security, while Rosario believes it is a commodity.
  • National Securities Exchange Model vs. ATS: They discuss the different requirements for national securities exchanges and alternative trading systems. They believe that the ATS model is more suitable for crypto exchanges.
  • Advice for Crypto Companies: They advise crypto companies to cooperate with regulators and commit to becoming compliant. They believe that regulation does not kill innovation and that the U.S. is the most important market in the world.

Sentiment Analysis

  • Neutral: The speakers discuss the regulatory landscape of the crypto industry and provide insights based on their experiences. They do not express a bullish or bearish sentiment towards any specific cryptocurrency but rather focus on the importance of regulatory compliance in the industry.

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