United States lawmakers on the House Financial Services Committee have demanded answers from the heads of the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regarding how Prometheum obtained a special purpose broker-dealer (SPBD) license.
In separate letters dated Aug. 9, House committee Chair Patrick McHenry and 20 other members wrote to SEC Chair Gary Gensler and FINRA president and CEO Robert Cook. The lawmakers questioned the “timing and circumstances” of FINRA approving Prometheum’s SPBD license as they were continuing to consider legislative solutions to regulatory gaps on digital assets.
“While Prometheum claims it is the silver bullet for regulated digital asset offerings, it has not yet served a single customer,” claimed the lawmakers. “It is unclear why FINRA would have chosen to approve a firm with no operating history and no track record of serving customers over all the applications that it has received.”
#NEW: Chairman @PatrickMcHenry led Republicans on the Financial Services Committee in letters to @FINRA and @SECGov regarding the shady approval of Prometheum as the only Special Purpose Broker-Dealer for digital assets.
Read more https://t.co/2B9TYw070h pic.twitter.com/8erscG99JO
— Financial Services GOP (@FinancialCmte) August 15, 2023
Related: Blockchain Association calls for investigation into Prometheum over alleged ‘sweetheart’ SEC deal
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Author: Turner Wright
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