The Blockchain Association, a nonprofit organization that advocates for policies supportive of innovation in relation to bitcoin, has called for a Securities and Exchange Commission (SEC) investigation and approval of Promethium Ember Capital as a Special Purpose Broker (SPBD). in e-mail To the inspector general of the Securities and Exchange Commission, the association raises concerns about the impropriety and ethical issues surrounding the approval process.
The letter highlights a lack of regulatory clarity regarding how US securities laws apply to digital assets and criticizes SEC Chairman Gary Gensler, accusing the SEC of overt hostility toward the digital asset industry, while noting enforcement actions and proposed rulemaking that affected the sector. Prometheum’s approval as an SPBD is seen as a concern, as other companies the letter categorizes as “legitimate business models” have faced denials or delays in obtaining similar licenses.
The letter states that approval of Promethium’s license comes at a time when the company has no working product or assets, which raises more questions. The association questions whether Promethium received preferential treatment or took advantage of personal contacts to gain an unfair advantage. They have expressed concern that SEC Chairman Gensler is using Prometheum and the SPBD licensing process to obstruct congressional efforts toward legislation and promote what he views as a false narrative, that the law is clear regarding digital asset securities. “There is no question that Promethium is hiding something about its relationship with the SEC,” said Dan Spoiler, the association’s president of industry affairs.
The Blockchain Association has filed a request with the SEC under the Freedom of Information Act, seeking documents and communications related to the matter. They urge an investigation to address these concerns and provide clarity. The outcome of the investigation will determine whether there was any error or validate the conclusions made by the association.