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Prometheum, the only U.S. registered cryptocurrency platform just shocked the market with a decision that holds serious implications for the future of Ethereum.
The company recently picked Ethereum as its first product, meaning that Ether will be the first currency officially handled by an SEC-compliant platform. This decision is particularly relevant since Ethereum has been the topic of extensive debate since Gary Gensler was in charge.
Aaron Kaplan, co-CEO of the company, recently stated in a CoinDesk interview that the company intends to service tokens with the largest market cap and most liquidity. Also, he claimed that more tokens will enter Prometheum’s platform after Ethereum.
The implications of this decision could affect the way the Securities and Exchange Commission classify ETH. According to Fortune, Prometheu’s custodial service could end the long-running debate of whether Ether should be categorized as a security or commodity by the commission.
While this holds unfavorable outcomes for the crypto community, it would sit Prometheum at the forefront when it launches its trading platform next quarter.
What is The Difference between Ether as a Security vs a Commodity?
Cryptocurrencies like Ethereum have sparked intense debates among governments and regulators regarding their classification. Should they be considered currencies, securities, or commodities?
Commodity Perspective
– Some argue that Ether is akin to a commodity. It serves as a digital asset with intrinsic value, similar to precious metals or agricultural products.
– Commodity classification implies less regulatory scrutiny and greater acceptance as a legitimate investment vehicle.
Security Perspective:
– This categorization would subject it to stricter regulations and oversight.
– Security status could impact how Ether is traded, investor appetite, and the functioning of cryptocurrency exchanges.
Regulators worldwide are grappling with this decision. The outcome will shape the future of Ethereum and its trading environment.
As a security, Ether would be subject to stricter regulations. It could impact its trading, listing on exchanges, and investor participation. This classification would also require Ethereum projects to comply with investor protection laws.
In the end, whether Ether becomes a commodity or a security remains uncertain, but its fate hangs in the balance as regulators seek to tame innovation.
Mollars Recovers Its HiJacked “.com” Domain
Meanwhile, the recent saga surrounding Mollars’ official website, “Mollars.com,” being unexpectedly taken down highlighted some underlying issues with the domain registry company NJAL.LA (Njalla).
This event raised concerns within the community investing in $MOLLARS, a promising crypto project intended to serve as Ethereum Blockchain’s store of value.
Njalla, founded by the Piratebay creator Peter Sunde, markets itself as an anonymous domain hosting provider. However, criticisms abound regarding its facilitation of piracy and other illegal activities online. Numerous users have reported grievances on platforms like Trustpilot, citing instances of domains being lifted without warning, further tarnishing Njalla’s reputation.
Mollars is a Secure Cryptocurrency
For Mollars, this incident could have dented its reputation, despite its secure infrastructure. The project’s funds, which surpassed half a million dollars in presale, are safeguarded by an inaccessible wallet and a smart contract with rigorous security measures. Additionally, a third-party audit “Cyberscope ” awarded Mollars a commendable security rating, underscoring its reliability compared to other cryptocurrencies.
The motive behind Njalla’s takedown of Mollars.com remains unclear. Past instances suggest a pattern of similar actions against other clients, leaving many questioning the company’s practices. Speculation abounds regarding potential motives, including the resale value of domains like “Mollars.com” in underground markets.
Despite the turmoil, the Mollars token presale remains a success, with over 100,000 tokens sold in the past 24 hours. Currently priced at $0.50 per token, the presale aims to distribute 40% of the 10 million token supply by the ICO deadline date in May, projecting a launch value of $0.62 per token.
Users can participate in the presale via Mollars.com. The recovered domain shows the project leader’s resilience amidst challenges and also is a flex of strength as hundreds of users, complaining online about Njalla, seemed to have failed at getting their domains back. The reach of power of the Mollars founder is above average apparently.
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Sam Chess is an utterly focused person looking for the minute details having potential to make a big difference. He is a writer and proofreader with a zeal to understand the cryptocurrency market. Additionally, he can be found trying to figure out the biggest mystery in the industry, Satoshi Nakamoto.
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