The regulatory pressure on the cryptocurrency world continues to search. They are trying to take control of the crypto world from all directions, especially in the United States. Now, US Senator Tuberville has asked the DOJ and SEC to investigate the Bitcoin platform Prometheum.
Bitcoin platform Prometheum is under the spotlight!
The legislator claims the company may have lied to Congress under oath or misled investors in their securities filings. US Senator Thomas Tuberville (R-Ala.) wrote an open letter Monday to Attorney General Merrick Garland and Securities and Exchange Commission (SEC) Chairman Gary Gensler, a special-purpose Bitcoin platform that has recently received federal permits to offer crypto trading services. He asked them to investigate the Prometheum.
The open letter states that Prometheum “Probably gave false testimony to Congress. Or he may have violated US securities laws.” The legislator noted that Prometheum CEO Aaron Kaplan told Congress that he has independently developed his own Blockchain platform from December 2019. However, in SEC filings through 2021, Prometheum has been awarded Shanghai Wanxiang Blockchain, Inc., a Chinese firm that Tuberville claims has ties to the Chinese Communist Party. In the letter, the Senator underlines the following:
If Prometheum began developing its own technology platform completely independent of its China-based, CCP-affiliated partners in December 2019, as Mr. Kaplan tried to convince Congress in his testimony to Congress, why wasn’t this made clear in Prometheum’s SEC filings? Why did Prometheum continue to claim in SEC filings that it continued development work with partners Wanxiang and (Wanxiang subsidiary) Hashkey throughout 2020 and 2021?
Senator Tuberville is chasing the platform!
cryptocoin.comAs you follow, this is not the first time Thomas Tuberville has made these claims. The MP previously wrote an opinion piece for the Wall Street Journal. In this article, he talked about Prometheum’s ties to Wanxiang. Accordingly, it claimed that the exchange’s approval “could pose threats to the data security and privacy of American investors.”
Aaron Kaplan previously stated that Wanxiang has a 20% stake in Prometheum. However, he said he still does not have access to the firm’s data and technology. He also noted that the SEC is investigating this relationship. The company has also faced heavy criticism from the crypto industry. Respondents said that Prometheum’s proposed model for trading crypto assets as securities would not work. Members of Congress Blaine Luetkemeyer (R-Mo.), Barry Loudermilk (R-Ga.), Ralph Norman (RS.C.), Byron Donalds (R-Fla.), and Mark Alford (R-Mo.) also signed the letter.
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