Republicans on the House Financial Services Committee (HFSC) are calling out the U.S. Securities and Exchange Commission (SEC) for its “shady approval” of the mysterious crypto broker Prometheum.

Led by Committee chair Patrick McHenry (R-NC), the politicians say that the “timing” of the approval “raises serious questions”—especially given the state of crypto regulation in the United States at large.

“The timing of the approval raises concerns that it was aimed at demonstrating that legislation is not needed because there is a workable regulatory framework for the custody of digital asset securities,” wrote the HFSC in a letter to the SEC last week, which was released on Tuesday.

On May 17, the Financial Industry Regulatory Authority (FINRA) approved Prometheum as the first-ever Special Purpose Broker-Dealer (SPBD) for digital assets. This came over two years after the regulatory regime was first established in December 2020, during which no other crypto exchange could manage to secure approval under the framework.

It also occurred in the same month that the HFSC held hearings related to digital asset legislation aimed at drawing clear lines around which crypto assets the SEC would have jurisdiction over.

SEC chairman Gary Gensler has often claimed

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Author: Andrew Throuvalas

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