“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.

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

Previous coverage of Unchained on crypto regulation:



Read the episode transcript here