Crypto Community Allege Prometheum's US SEC And FINRA Approval Is Controversial

New York-based Prometheum came into the spotlight during the US House Financial Services Committee hearing “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” held on June 13. Prometheum co-CEO Aaron Kaplan was announced as a witness in the hearing at the very end, which raised questions.

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Prometheum’s US SEC And FINRA Approval Are “Nonsense”

During the US House Financial Services Committee hearing, Representative Mike Flood calls Prometheum’s US SEC and FINRA approval as “nonsense” as the firm doesn’t offer trading in top crypto assets Bitcoin (BTC) and Ethereum (ETH).

However, co-CEO Aaron Kaplan said the clear path forward for the digital asset industry in the U.S. is through the current regulatory frameworks set up by the US SEC. The crypto community claims Aaron Kaplan was reading off pre-written notes with narratives of Democratic members of Congress or the SEC.

In a series of tweets, Castle Island Ventures partner Matt Walsh shared some bizarre facts about Prometheum, its investors Wanxiang Blockchain and Hashkey Capital, and paying $1.5 million in sales commissions to Network 1 Financial Securities.

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Aaron Kaplan was mentioning similar narratives of Gary Gensler-led SEC regarding preferred crypto market structure. Gensler argues most crypto are securities and as per him a regulated crypto exchange can operate, as long as it doesn’t actually enable the purchase or sale of crypto.

The crypto community including Cardano co-founder Charles Hoskinson has no idea who is Prometheum. Gemini co-founders

Adam Cochran argues the approval is controversial as many are former SEC and FINRA staffers. He has also shared details about the firm and its under-the-radar operations.

Also Read: Terra Classic Biggest v2.1.1 Parity Upgrade Goes Live, LUNC Price Rally 8%

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