U.S. U.S.

The open letter stated that Prometheum may have given false testimony to Congress, or violated U.S. Securities laws. Prometheum’s CEO Aaron Kaplan, according to the lawmaker, told Congress in December 2019 that Prometheum had developed its own Blockchain platform. In SEC filings through 2021, Prometheum stated that it relied on Shanghai Wanxiang Blockchain, Inc., which Tuberville claimed had ties with the Chinese Communist Party.

Why was it not stated in Prometheum’s SEC filings that Prometheum had developed its own technology platform completely independent of its China based, CCP tied partners as Mr. Kaplan tried to convince Congress in his congressional testimony? The letter stated. The letter said: “Why would Prometheum claim in SEC filings that it is continuing development efforts with [Wanxiang subsidiary] Hashkey and its partners Wanxiang through well into 2020?”

Read more: Prometheum, the Crypto Industry’s Favorite Punching bag, Asks for a chance

Tuberville’s allegations are not new. The lawmaker wrote an opinion article for the Wall Street Journal in which he claimed that Prometheum’s ties with Wanxiang, and its broker approval could “pose threats to the privacy and data security of American investors.”

Kaplan said previously that although Wanxiang owns a 20% stake, it does not have access to Prometheum’s technology or data. The SEC investigated this relationship.

Prometheum has also been heavily criticized by the crypto industry. Participants argue that Prometheum’s proposed model of trading crypto assets as security can’t work.

Congressmen Blaine Luetkemeyer (R-Mo. The letter was also signed by Congressmen Blaine Luetkemeyer (R – Mo. ), Barry Loudermilk – R- Ga., Ralph Norman – R- S.C., Byron Donalds – R- Fla. and Mark Alford – R – Mo. The letter was also signed by Barry Loudermilk (R-Ga.), Ralph Norman (R-S.C.), Byron Donalds(R.Fla.) and Mark Alford(R.Mo.).