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Four Republican members of the U.S. Financial Services Committee expressed their concerns about Prometheum Capital’s launch of Ethereum (ETH) 
$2,552 custody services. In their communication, they directed their issues towards the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), highlighting the potential legal ambiguities surrounding Ethereum’s status as a non-security.
Letter to SEC and FINRA
Representatives John Rose, French Hill, Dusty Johnson, and William R. Timmons IV wrote to SEC Chairman Gary Gensler and FINRA CEO Robert Cooke. They pointed out that the SEC has already stated that Ethereum is not a security. Despite this, the officials noted that Prometheum publicly declared Ethereum as a security and commenced its custody services for crypto assets in May.
They questioned how Prometheum, designated as a broker-dealer that is only authorized to custody securities, could comply with SEC and FINRA regulations regarding ETH custody.
“Prometheum’s statements and actions are surprising and are causing confusion in the market. The silence from SEC and FINRA exacerbates the situation.”
The letter emphasized concerns regarding SEC and FINRA’s capacity for overseeing broker-dealers and ensuring market integrity, which could further impact market participants and consumers negatively.
Concerns for the Future
These viewpoints highlight ongoing discussions about cryptocurrency regulations. Prometheum’s actions and regulatory responses continue to seek clarity regarding the legal status of crypto assets like Ethereum. If misinterpreted by the market, the Republicans’ warnings about crypto could yield negative consequences, especially as they hold a rare majority in the Senate and House of Representatives.
Uncertainties in the cryptocurrency market cause various disagreements among investors and regulators. In light of these developments, further clarification regarding the legal frameworks for Ethereum and other digital assets is anticipated.
