A digital asset company called Prometheum Ember Capital LLC has recently gained attention for being named the first Special Purpose Broker-Dealer (SPBD) for digital assets. Republican members of the House Financial Services Committee have expressed reservations about this decision, leading them to ask the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) for explanation.
The House Financial Services Committee, spearheaded by Chair Patrick McHenry and supported by 22 other members, dispatched letters to both FINRA and the SEC on August 9, 2023. These letters question the “timing and circumstances” of Prometheum’s approval, especially given the concurrent legislative discussions on digital asset market regulations.
In response to the concerns raised, Prometheum emphasized their technology’s alignment with federal securities laws. They highlighted their commitment to crafting a market…
