Prometheum, the first U.S. special purpose broker-dealer authorized to custody, clear, and settle digital asset securities, disclosed that it is now providing custodial services for the cryptocurrency ethereum. This announcement arrives amidst a period where the prominent crypto asset, ethereum, remains without a definitive classification as a security by the U.S. Securities and Exchange Commission…
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Prometheum was purportedly “purpose-built to comply with federal securities laws” and has avoided lawsuits from the SEC when compared with firms like Binance and Coinbase. United States regulators including the Securities and Exchange Commission (SEC) have ongoing civil cases against major cryptocurrency firms including Binance, Coinbase, and Ripple, but not every company has been subject…
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U.S. lawmakers are probing the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) regarding the “shady approval” of Prometheum “as the first and only special purpose broker-dealer for digital assets.” They raised concerns about the timing and circumstances surrounding the approval, noting that Prometheum has no customers, operational history, and track…
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U.S. Rep. Ritchie Torres has called for an investigation into the special purpose broker-dealer (SPBD) license given by the U.S. Securities and Exchange Commission (SEC) to Prometheum, a cryptocurrency exchange platform. In two letters sent to U.S. Comptroller General Gene Dodaro and SEC Inspector General Deborah Jeffries, Torres calls for investigation of the “backroom deals”…
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On Monday, U.S. senator Thomas Tuberville (R-AL) published an open letter to U.S. attorney general Merrick Garland and Securities and Exchange Commission (SEC) chairman Gary Gensler expressing concern over allegations that Prometheum, Inc., a registered digital asset company, may have provided false testimony to Congress and violated U.S. securities laws. U.S. Lawmaker Demands Investigation Into…
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A FOIA request with the SEC regarding Prometheum has been filed, while others found former FINRA and SEC staffers among the firm’s ranks. United States crypto lobby group Blockchain Association has filed a request with the U.S. Securities and Exchange Commission, seeking information about the formerly little-known crypto company Prometheum. The company became the center…
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The crypto community is abuzz with discussions on social media about the recent United States House Committee hearing held on June 13, 2023, which delved into regulatory clarity within the crypto industry. Notably, the co-CEO of an obscure cryptocurrency broker named Prometheum expressed support for the existing regulatory framework of the U.S. Securities and Exchange…
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