The group sent a detailed letter to the U.S. House Financial Services Committee accusing the crypto market of seeking favorable legislation under the guise of crypto innovation.
As the first hearing since the SEC's lawsuit on June 6, the conference is expected to be “procedural and administrative,“ though it may also give a sense of the litigation's tone.
The Responsible Financial Innovation Act will establish guardrails “to prevent another FTX-style event from occurring” in the wake of the 2022 market crash and bankruptcies.
The group raised concerns over Prometheum’s changing position on crypto regulatory clarity and under what circumstances the firm obtained a special purpose broker-dealer license.
Attackers of this kind are supposedly “big game hunting” large-scale organizations with deep pockets to extract ”the most money possible” out of these firms.