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 <p><span style="font-weight: 400">According to the letter sent by McHenry to Gensler,&nbsp;</span></p>  
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 <p><span style="font-weight: 400">“The approval comes as the Committee is considering addressing gaps in the regulation of digital assets.”</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">#NEW: Chairman @PatrickMcHenry led Republicans on the Financial Services Committee in letters to @FINRA and @<a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>Gov regarding the shady approval of <a rel="noopener noreferrer nofollow" title="Prometheum" href="https://thebittimes.com/tag/prometheum.html">Prometheum</a> as the only Special Purpose Broker-Dealer for digital assets.</p> 
  <p>👇 Read more 🔗https://t.co/2B9TYw070h pic.twitter.com/8erscG99JO</p>  
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  <p>— Financial Services GOP (@FinancialCmte) August 15, 2023</p> 
 </blockquote> 
 <p></p> 
 <h2 id="strong-prometheum-licensing-an-sec-affair-strong"><strong>Prometheum Licensing: an SEC Affair</strong></h2> 
 <p><span style="font-weight: 400">In context, the crypto-related firm was granted approval for a special broker license in May by the Financial Industry Regulatory Authority (FINRA) under the purview of the SEC. The license permits Prometheum to provide custody services for digital asset securities.&nbsp;</span></p> 
 <p><span style="font-weight: 400">However, the approval has raised serious concerns in the cryptocurrency ecosystem and amongst <a rel="noopener noreferrer nofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a>.</span></p>  
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 <p><span style="font-weight: 400">The SEC’s approval came shortly after the regulator levied enforcement actions against top cryptocurrency exchanges Binance and Coinbase. Crypto community members raised brows at the fact that a far less-recognized crypto firm received such a license from the regulator. Notably, Prometheum does not offer trading in top crypto assets like Bitcoin (BTC) and Ethereum (ETH).</span></p> 
 <p><span style="font-weight: 400">Some Republican <a rel="noopener noreferrer nofollow" title="lawmakers" href="https://thebittimes.com/tag/lawmakers.html">lawmakers</a> who have been weary of the activities of the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> challenged the timing of the license, citing that it “raises serious questions” especially as they were still busy working on regulation for the crypto industry. The approval came only a few weeks after Republicans in the U.S. Congress </span><span style="font-weight: 400">introduced</span><span style="font-weight: 400"> a new draft Bill to reclassify digital tokens from <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>urities to commodities.</span></p> 
 <h2 id="strong-republicans-suspects-foul-play-strong"><strong>Republicans Suspects Foul Play</strong></h2> 
 <p><span style="font-weight: 400">During the U.S. House Financial Services Committee </span><span style="font-weight: 400">hearing</span><span style="font-weight: 400"> which was held in mid-June, Prometheum’s Chief Executive Officer (CEO) Aaron Kaplan was allowed to stand as a witness in the hearing. Again, this action raised concerns. This forced Representative Mike Flood to tag the Prometheum approval from FINRA and SEC as ‘nonsense’.</span></p> 
 <p><span style="font-weight: 400">Prometheum’s co-CEO said that the way forward for the crypto industry is through the current regulatory framework designed by the SEC. It sounded more like a political battle when the crypto community pointed out that Kaplan was only reading a pre-written note with narratives from Democratic members of Congress or the markets regulator.</span></p> 
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Republican lawmakers now probing Prometheum

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