Prometheum Adds Morgan Stanley Alum As CFO Ahead Of Trading Launch

Prometheum, the first and only company to secure a special purpose broker dealer license from the US Securities and Exchange Commission, is adding a traditional finance veteran to its team. 

Albert Meo, most recently the executive director of regulatory policy at Morgan Stanley, has been named chief financial officer of Prometheum Inc, the company announced Monday. 

“It’s an exciting juncture in Prometheum’s trajectory to be joining the firm,” Meo said in a statement. “The company’s commitments to compliance and innovation are perfectly suited for my professional values and skills alike.”

At Morgan Stanley, Meo was in charge of “overseeing the firm’s policy function for various SEC and CFTC registrants,” Prometheum said in a statement Monday. Meo will be responsible for financial planning, reporting and liquidity risk management in his new role, the company added. 

The announcement comes shortly after Prometheum Capital, a subsidiary, in February said it would start its custody service with ether as its first asset. The announcement raised eyebrows across the crypto industry as onlookers speculated whether the news might force the SEC to take a more direct stance on ether’s status as a security or commodity. 

SEC Chair Gary Gensler has repeatedly called “everything other than bitcoin” a security, but has been evasive when asked about ether’s status. During an April 2023 House Financial Services Committee hearing, Gensler failed to give a definitive answer when pressed about ether’s classification. 

“And again, it depends on the facts and the law on if there’s a group of individuals,” Gensler said, adding that there are “ten to twelve thousand” tokens out there with different circumstances. 

Prometheum, which is permitted to trade only securities under its license, said it plans to launch trading services in the second quarter of 2024.

Source: blockworks.co