Patrick McHenry, the Chairman of the Rental Financial Products and companies Committee, and various Republican lawmakers demanded transparency from the heads of the Financial Commerce Regulatory Authority (FINRA) and the U.S. Securities and Commerce Commission (SEC) over the approval route of for Prometheum.

The lawmakers despatched two letters on the topic, one to the FINRA President and CEO Robert Cook, and the assorted addressed to SEC Chairman Gary Gensler.

In explicit, the lawmakers questioned how Prometheum used to be the sole entity granted a license below the SEC’s special unprejudiced broker-dealers (SPBD) framework, which used to be launched in December 2020.

“For the important thing two years that the regime used to be efficient, FINRA did no longer approve any SPBDs… Several assorted firms dangle sought approval below the SPBD framework however dangle no longer been granted approval by FINRA,” the letter mentioned.

Per the lawmakers, the “timing and prerequisites” of this approval raise serious questions, at the side of whether or no longer it used to be aimed at demonstrating that laws in this regard used to be no longer well-known because an existing workable regulatory framework for digital resources is already in set up of living.

Prometheum used to be a beautiful unknown crypto firm, till the firm’s CEO made headlines for his controversial viewpoints on crypto laws, at the side of the reality that the SEC has already equipped a compliant route forward for digital asset firms, and that masses of these firms wilfully skirt the prison guidelines because it suits them better to create so.

In an episode of Unchained, Prometheum CEO Aaron Kaplan even argued that Ethereum is a security, alongside with the overwhelming majority of cryptocurrencies except for for Bitcoin.

“Whereas Prometheum claims it’s a ways the silver bullet for regulated digital asset choices, it has no longer but served a single buyer. It has also refused to assemble public the digital asset securities that Prometheum ATS would red meat up on its platform,” wrote the lawmakers in the letter.