Concerns Raised Over Regulatory Silence On Ethereum Custody Services

According to Odaily, a group of Republican members from the Financial Services Committee, led by U.S. Congressman John Rose, has expressed concerns over the lack of response from regulatory bodies regarding Prometheum Inc.'s Ethereum custody services launched in May. In a letter addressed to Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), and Robert Cook, CEO of the Financial Industry Regulatory Authority (FINRA), the lawmakers highlighted their unease about the continued silence from these agencies. The letter points out that the SEC's previous acknowledgment that Ethereum (ETH) is not a security contradicts the notion of "crypto asset securities," which is more applicable to the method of token sales rather than the tokens themselves. This inconsistency, according to the letter, has led to market confusion and uncertainty. Congressman John Rose emphasized that participants in the digital asset sector deserve clarity from regulators. However, under Gary Gensler's leadership, they have only encountered disorder and confusion. Rose urged Gensler to seriously consider their concerns and provide genuine guidance before his departure from office.