1 year ago
U.S. Rep. Ritchie Torres has called for an probe into the peculiar intent broker-dealer (SPBD) licence fixed by the U.S. Securities and Exchange Commission (SEC) to Prometheum, a cryptocurrency speech platform. In 2 letters sent to U.S. Comptroller General Gene Dodaro and SEC Inspector General Deborah Jeffries, Torres calls for probe of the “backroom deals” allegedly brokered betwixt the SEC and Prometheum.
U.S. Rep. Ritchie Torres Requests Investigation Into Prometheum’s License
Ritchie Torres, a U.S. typical for New York, is requesting an authoritative probe connected the licenses the U.S. Securities and Exchange Commission (SEC) gave to Prometheum, a integer assets trading level that Torres states “does not commercialized integer assets.”
On July 13, Torres sent 2 letters to U.S. Comptroller General Gene Dodaro and SEC Inspector General Deborah Jeffrey to petition an autarkic reappraisal of the nonaccomplishment of the SEC to supply a workable way for crypto exchanges to register, and besides connected the alleged “backroom deals” that the bureau brokered with Prometheum.
Rep. Torres slammed Prometheum, referring to it arsenic a Potemkin level utilized by the committee arsenic a “talking constituent for crypto critics” alternatively of a trading level for crypto customers.
SEC Chair Gary Gensler Accused of Politicizing Agency Processes
In the letters, Torres refers to SEC Chair Gary Gensler by name, stating that granting a licence to Prometheum is his latest effort to “politicize the registration process to an grade seldom seen successful the SEC’s history.” Prometheum came into the spotlight successful June erstwhile its co-CEO Aaron Kaplan testified astatine a legislature proceeding that determination was a way for registering a integer assets speech with the committee and that crypto companies were “simply not consenting to comply.”
Nonetheless, Adam Cochran, a spouse astatine Cinneamhain Ventures, revealed that Prometheum executives had links with national agencies and fiscal companies specified arsenic the SEC, FINRA, NYSE, and CBOE, giving root to speculations astir the support of its peculiar intent broker-dealer (SPBD) license.
Torres criticized the SEC’s behaviour successful the integer assets arena, declaring that the regulator was similar an “overzealous postulation cause who arbitrarily tickets drivers for speeding portion keeping everyone endlessly guessing astir the speeding limit.”
He concluded:
Regulation by enforcement is nary mode to regulate.
On July 10, U.S. Senator Thomas Tuberville and a radical of senators sent a letter to SEC Chair Gary Gensler and U.S. Attorney General Merrick Garland to alert them astir the ties that Prometheum could person with Chinese Communist Party (CCP) linked companies and its imaginable mendacious grounds fixed to the Congress.
What bash you deliberation astir Ritchie Torres’ calls to analyse Prometheum? Tell america successful the comments conception below.
English (US) 