Author: MIL-OSI Publisher

Source: United States House of Representatives – Congressman John Rose (TN-06)

Washington, D.C.—Today, U.S. Representative John Rose (TN-06), the Vice Chairman of the House Financial Services Oversight and Investigations Subcommittee, led a letter to SEC Chair Gary Gensler expressing concerns regarding Prometheum Capital’s “soft-launch” of custody services for Etherum. Representative Rose, who is a Member of both the House Committee on Agriculture Digital Assets Subcommittee and the House Committee on Financial Services Digital Assets Subcommittee, has consistently criticized the SEC and Chairman Gensler’s regulation-by-enforcement approach towards digital assets that have led to widespread confusion amongst industry participants. 

In the letter, the signers say that “Prometheum’s statements and actions with respect to ETH are misleading and have already caused confusion in the marketplace.” Prometheum has previously garnered the attention of Members of the House Financial Services Committee members for its serious national security and data privacy concerns. 

U.S. Rep. Rose released the following statement: 

“Players in the digital assets space deserve certainty from their regulators,” said Rep. Rose. “Yet under Chair Gensler they’ve only received chaos and confusion. I hope while Chair Gensler is cleaning out his office, he can heed our concerns seriously and maybe deliver some real guidance on his way out the door.” 

Read the full letter here:

“We write to express our continued concerns regarding Prometheum Capital’s (“Prometheum”) May 2024 “soft-launch” of custody services for Ethereum, and its stated intention to offer custodial services for Ethereum’s token, Ether (ETH).  As highlighted during the House Committee on Financial Services hearing in September, a special purpose broker-dealer (“SPBD”) registered with the Financial Industry Regulatory Authority (“FINRA”) is not permitted to custody or facilitate trading in digital assets that the U.S. Securities and Exchange Commission (“SEC”) or a court has not determined to be securities, including those sold as part of investment contracts. 

“As you know, the SEC effectively acknowledged that ETH is not a security when, in July 2024, it formally approved a number of Ethereum spot exchange-traded funds (ETFs).  In addition, the SEC amended its complaint against Binance to clarify that the term “crypto asset securities” does not apply to the digital assets themselves, and instead applies only to how a digital asset is sold. Such a determination has never been made by the SEC or a court with respect to the sales of ETH. Finally, we note that the SEC recently entered into a settlement with eToro, pursuant to which the company has been permitted by the SEC to continue to offer Bitcoin, Bitcoin Cash, and ETH on its platform.   

“Prometheum, however, has publicly stated that ETH is a security, and that it intends to offer custodial services to retail investors. Following previous letters from Members of Congress to seek clarification on the SPBD requirements, it continues to be unclear to us how, as a SPBD approved by FINRA to custody securities only, Prometheum can custody ETH in compliance with SEC and FINRA rules, and why the SEC and FINRA continue to allow Prometheum to hold ETH out to the public as a security. As Chair Gensler acknowledged during his testimony before the Committee, SPBDs “are not allowed to custody non-securities,” yet that is precisely what Prometheum has done when it soft-launched its custodial services for ETH. 

“As Republicans on the House Financial Services Committee and House Committee on Agriculture have emphasized on numerous occasions, Prometheum’s statements and actions with respect to ETH are misleading and have already caused confusion in the marketplace.  Commodities Futures Trading Commission (“CFTC”) Chairman Rostin Benham has correctly pointed out that Prometheum’s actions have risked adding to the already considerable confusion market participants face when determining whether and how to comply with SEC and CFTC rules.  By allowing Prometheum to continue to falsely state or suggest that ETH is a security or has been sold as part of an investment contract and can be custodied by a registered SPBD, the SEC and FINRA are complicit in perpetuating confusion and uncertainty in the marketplace, which ultimately harms market participants and consumers. 

“The SEC’s and FINRA’s silence are irresponsible and continues to raise troubling questions as it relates to the SPBD requirements and process as well as the SEC’s and FINRA’s ability to oversee broker-dealers and ensure the market’s integrity.”

 

The letter was signed by Reps. French Hill (AR-02), Dusty Johnson (SD-AL), William Timmons (SC-04) and Mike Flood (NE-01). 

Background: 

Prometheum is the first digital assets trading platform to receive a Special Purpose Broker Dealer license from the Securities and Exchange Commission, allowing for trading digital asset securities. Prometheum announced in early 2024 that it would offer Ethereum on its platform to retail investors, publicly claiming it is a security. Prometheum’s decision to offer Ethereum as a security does not align with what the SEC has indicated, since it has said Ethereum should be treated as a commodity. Additionally, the license granted to Prometheum only allows it to offer securities and not commodities. 

Earlier this year during a House Financial Services Committee Hearing, Rep. Rose asked Chair Gensler whether a SEC-licensed platform could offer a commodity, to which he responded that a licensed platform could only offer securities. As a result, Prometheum’s continued offering of Ethereum appears to be completely misaligned with SEC guidance. Unfortunately, the SEC has made no attempt to offer clear guidance regarding whether Prometheum can offer Ethereum.

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Source: United States House of Representatives – Congressman John Rose (TN-06)

WASHINGTON, DC—Today, U.S. Representative John Rose (TN-06) announced that members of his staff are participating in the House of Representatives’ historic election integrity effort known as the Election Observer Program. The Constitution grants each House of Congress the authority to “be the judge of the Elections, Returns, and Qualifications of its own Members.” The Election Observer Program deploys congressional observers—including members of Representative Rose’s staff—to election sites across the country to record on-the-ground, minute-by-minute, factual information for use during election contests.

Members of Representative Rose’s staff obtained training on how to properly observe election proceedings and administration. They will be on the election day site from the first vote being cast to the last vote being counted. For more information on the Election Observer Program, click here. 

Rep. Rose released the following statement: 
“Tennessee is the national leader for free and fair elections. I have deployed my staff to help ensure that other states are doing their part,” said Rep. Rose. “I am proud to have members of my staff spread throughout swing districts across the country ensuring Americans’ right to vote is safe and secure. Election integrity is of paramount importance to a functioning republic, and this is one tool in our toolbox to ensure Americans can have confidence and trust in the results.”

Background from the House Committee on House Administration: 
As of today, House Republicans have over 200 Republican congressional staffers signed up to participate from over 60 Member and Leadership offices and 12 full committees and subcommittees. The 2024 Election Observer Program is the most robust election integrity effort in House of Representatives history. 

As the issue of election integrity continues to rise to the forefront in voters’ minds, this program is more important than ever to ensure every lawful vote is counted in free, fair, and secure elections where the stakes are highest, including in races with serious election administration issues and in battleground districts where the majority is on the line.
 

Source: United States House of Representatives – Congressman John Rose (TN-06)

WASHINGTON, DC—Today, U.S. Representative John Rose (TN-06) introduced a House Resolution condemning President Biden’s remarks calling Trump supporters “garbage” during a pro forma session of Congress.

The resolution reads, “Whereas, on October 29, 2024, President Biden stated, ‘The only garbage I see floating around there is his supporters,’ referring to supporters of President Trump: Now, therefore, be it resolved, That the House of Representatives condemns President Biden’s remarks referring to President Trump’s supporters as “garbage.” Read the full text here. 

Rep. Rose released the following statement: 
“President Biden must be condemned for calling millions of Americans who support Donald Trump garbage,” said Rep. Rose. “First Democrats called half the country deplorables, now they are doubling down calling us garbage. Democrats’ disrespect for half the country’s views and opinions is exactly what is wrong with the leadership of extreme far-left liberals.”

Rep. Rose was joined in introducing the resolution by Reps. Keith Self (TX-03), Harriet Hageman (WY-AL), Andy Biggs (AZ-05), Pete Sessions (TX-17), Andy Ogles (TN-05), Brian Babin (TX-36), Jeff Duncan (SC-03), Byron Donalds (FL-19), Dan Meuser (PA-09) and Chuck Fleischmann (TN-03). 
 

Source: United States House of Representatives – Representative Ilhan Omar (DFL-MN)

WASHINGTON – Ranking Member Ilhan Omar (MN-05) delivered the following opening statement at the Workforce Protections Subcommittee hearing entitled, “The Future of Wage Laws: Assessing the FLSA’s Effectiveness, Challenges, and Opportunities.”

“Thank you, Mr. Chairman.  Good morning, everyone, and thank you to our witnesses for being here today.  

“Mr. Chairman, congratulations on your position— I look forward to working with you on this subcommittee. I hope you’ll indulge me for a moment.

“It is an honor to serve as the Ranking Democrat, not only because of the important work we are going to do overseeing our nation’s labor laws but because I am following in the footsteps of one of my political heroes: the late Senator Paul Wellstone of Minnesota. Senator Wellstone served as the Ranking Member of our Senate subcommittee counterpart, and in 1997, his first opening statement in that role was on this very topic: the Fair Labor Standards Act. Today, as we discuss this landmark law, I hope we will do so with the same commitment—to uphold fairness, strengthen worker protections, and prioritize the well-being of the working people.

“Now, let’s be honest about what’s happening in this country. Millions of workers wake up every morning, put in long hours, and still struggle to make ends meet. Meanwhile, billionaires and CEOs are making record profits off their labor. For too long, our economy has only worked for the wealthy and the well-connected while workers have been left behind.

“Over the past four years, the Biden Administration and Congressional Democrats fought to level the playing field, but now that progress is under attack. Since returning to the White House, President Trump has wasted no time implementing Project 2025 to attack workers— ripping away protections, dismantling labor enforcement, and handing over more power to the same corporate interests that have exploited workers for decades.

“The future of the American economy depends on American workers. Yet today, economic inequality is reaching levels not seen since the 1920s. The Fair Labor Standards Act of 1938 was created as a reaction to that inequality and the Great Depression when workers lacked basic workplace protections.  

“That is why we must strengthen this landmark law, not weaken it.

“That means finally raising the federal minimum wage— which has been stuck at a shameful $7.25 an hour since 2009.

“It means tackling wage theft because every year, employers steal over $50 billion from workers’ pockets.

“It means increasing penalties for child labor violations.

“It means eliminating the subminimum wage and 14(c) so that workers with disabilities are paid fairly like everyone else.  

“There is so much we can and should be doing.  I hope that’s the kind of conversation we’ll be having today, Mr. Chairman.  

“I hope this hearing is not just the latest in a long line of Republican-led efforts to undermine the FLSA under the guise of updating it.  

“Last month, Ranking Member Scott and I wrote a letter to the Department of Labor, demanding to know the impact of DOGE’s takeover and firing of countless staff on critical DOL programs, such as the Wage and Hour Division, which enforces the FLSA.  Trump’s DOL failed to respond by the March 14th deadline, leaving Congress— and working Americans— in the dark about the future of these programs.  I invite Chairman Mackenzie and my Republican colleagues to join us in demanding answers on behalf of our constituents.  I would like to submit this letter into the record.

“Democrats are providing concrete solutions to safeguard workers during these difficult times and looking to build an economy for the future instead of dragging our country backward. We want workers to come home safe and paid fairly for their labor. We want children in the classroom, not the factory floor.  We want to raise the minimum wage so that no one is in poverty while working full-time.

“These goals should not be controversial.  

“That is why we must pass key legislation such as the Raise the Wage Act, which would increase the minimum wage and the LET’S Protect Workers Act, which would hold employers accountable for breaking the law.

“As we sit here today, thousands of federal workers across the country, such as medical personnel, scientists, and park rangers, face losing their livelihoods and the ability to support their families, while the American public stands to lose the essential services they provide.  

“Workers deserve better.  America deserves better.  

“Thank you, and I yield back.”

In Rep. Omar’s closing statement, she explained how the American economy has failed the very workers who keep it running. Instead of serving the people, it’s rigged for the ultra-wealthy and billionaires like Elon Musk are only making it worse. Thanks to GOP policies, workers are under attack. DOGE has gutted the Department of Labor, slashed critical resources, and left millions of working families vulnerable. And now, the Trump administration is poised to wreck the strong economy they inherited. At a time when workers need more protections, not fewer, we cannot allow Republicans to dismantle the Fair Labor Standards Act. Democrats are fighting for an economy that works for workers, not billionaires.

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Source: United States House of Representatives – Representative Ilhan Omar (DFL-MN)

WASHINGTON—Congresswoman Ilhan Omar (D-MN) released the following statement following President Donald Trump’s executive order to dismantle the U.S. Department of Education. 

“Donald Trump’s decision to dismantle the Department of Education is a full assault on our nation’s educators and young people. Because of this callous and reckless order, our students will face catastrophic setbacks in order to give huge tax breaks to billionaires. No agency does more to help young people than the Department of Education. The Department protects students’ civil rights, provides crucial resources to students with disabilities, oversees federal loan and college aid programs, and so much more. This order is not only morally indefensible, but it is also illegal and a blatant abuse of power—only Congress can eliminate a federal agency. I will fight this illegal behavior and defend our students every step of the way.”

Source: United States House of Representatives – Representative Ilhan Omar (DFL-MN)

WASHINGTON—Today, Representative Ilhan Omar (D-MN) met with Minnesota Housing Commissioner Jennifer Ho. They discussed the state impacts of career staff and field office cuts at the Department of Housing and Urban Development (HUD) and provided updates on funding and contract freezes. They also discussed long-term priorities that would help boost the supply of housing.

(Left to right: Minnesota Housing Federal Affairs Director Nellie Siers, Rep. Ilhan Omar, Minnesota Housing Commissioner Jennifer Ho)

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Source: United States House of Representatives – Representative Ilhan Omar (DFL-MN)

WASHINGTON–Rep. Ilhan Omar (D-MN) issued the following statement after voting against the partisan Continuing Resolution (CR):

“At a time when our government is already being hollowed out, Republicans pushed a partisan full-year continuing resolution that gives a blank check for unelected billionaire Elon Musk and Donald Trump to continue their campaign of chaos and destruction. With a full-year CR, the guardrails are off and Musk and Trump will have even more leeway to shut off and repurpose funding as they see fit.

“Right now, families across my district are struggling with the rising costs of living. This bill puts tens of thousands of households on rental assistance at risk of eviction. At a time when some of my constituents are struggling to put food on the table, this bill neglects to fully fund the lifesaving Emergency Food Program. When thousands of my constituents have already been fired from their jobs by Elon Musk’s so-called Department of Government Efficiency (DOGE), this bill allows even more federal employees to be laid off including thousands of employees at the Social Security Administration. While veterans in my district are already struggling to get by, this bill allows critical VA funding for homelessness assistance grants, mental health care, rural health, opioid, and substance abuse programs to be redirected. It also cuts $22.8 billion from the PACT Act that will eliminate healthcare for veterans with cancer and other diseases from toxic exposures. This bill also makes funding cuts for the National Institutes of Health (NIH) by $280 million which will impact research on cancer, Alzheimer’s disease, ALS, and countless other health conditions. On top of these cuts, the bill eliminates funding for local projects to almost every city in my district that are instrumental in directly addressing some of the most pressing needs in the Fifth District. Additionally, this bill includes about a $6 billion increase to unnecessary defense spending.

“My community cannot afford these devastating cuts and further chaos from this administration. For those reasons, I voted NO on the partisan continuing resolution.”

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Source: United States House of Representatives – Representative Ilhan Omar (DFL-MN)

Today, the U.S.-Africa Policy Working Group convened its first meeting of the 119th Congress. Members of the Working Group heard from a variety of expert briefers on the escalating human rights and humanitarian catastrophes in the Democratic Republic of the Congo, particularly as it relates to the occupation of Goma and the surrounding areas by the M23 militia, and the historical context in which they are occurring.

Congresswoman Omar, the Chair of the Working Group, expressed her ongoing concerns about the effects of the Trump Administration’s dismantling of USAID, illegal mining, and foreign aid freeze as they relate to the urgent humanitarian and global health needs in DRC. She also discussed the political and regional implications of the situation, reaffirming her commitment to a genuine, inclusive peace process and the need for justice and autonomy for the Congolese people.

Source: United States House of Representatives – Congressman French Hill (AR-02)

RELEASE: REP. HILL STATEMENT ON SUPPORTING PRESIDENT TRUMP-BACKED FUNDING BILL

Source: United States House of Representatives – Congressman French Hill (AR-02)

WASHINGTON, D.C. – Rep. French Hill (AR-02), Co-Chair of the Hostage Task Force in the House, today introduced the Stop Tax Penalties on American Hostages Act alongside Rep. Dina Titus (NV-01). This bipartisan legislation provides financial relief to Americans wrongfully detained abroad. Senator Chris Coons (D-DE) recently introduced companion legislation in the Senate. 

Rep. Hill said, “After returning home, American hostages and wrongful detainees should not have to face penalties for taxes missed while held abroad. I am proud to introduce this bipartisan legislation that will correct a crucial gap in our laws that burdens these Americans with penalties and fines from the IRS after they return home.”

Rep. Titus said, “It goes without saying that no one who has endured wrongful detention or been taken hostage abroad should face the additional trial of navigating onerous tax burdens they incurred through no fault of their own when they return. This commonsense, bicameral, bipartisan legislation will eliminate that unthinkable possibility by simplifying the tax code to postpone tax deadlines and refund late fees to support wrongful detainees, hostages, and their families.”

Further Background:

Stop Tax Penalties on American Hostages Act: This legislation postpones tax deadlines, refunds late penalties, and exempts forgiven debts from taxation for Americans who were wrongly or illegally detained abroad, helping ease this financial burden when they return