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economictimes.indiatimes.com / 3 years ago
cryptonews.com / 3 years ago
economictimes.indiatimes.com / 3 years ago
cryptonews.com / 3 years ago
Sen. Warren calls out 'sham audits' while SVB threatens crypto bankruptcy
United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects.
The PCAOB — a non-profit overseeing the audits of public companies and other issuers — recently stated that proof-of-reserves (POR) are not equivalent to audits and are not conducted in accordance with PCAOB auditing standards. POR is a method widely adopted by crypto exchanges to confirm the availability of users’ funds. However, Sen. Warren demanded stricter oversight:
The crypto community contrasted her statement as numerous members highlighted the ongoing collapse of Silicon Valley Bank (SVB), a Federal Deposit Insurance Corporation-insured bank.
.@RonWyden and I called on @PCAOB_News to hold auditors accountable for sham crypto audits and I'm glad they're taking this step to protect investors. But let's be clear: there's more PCAOB needs to do so consumers aren't left holding the bag when shady crypto firms collapse. https://t.co/cRJxwL2gBL
On the other hand, with SVB single-handedly contributing to the price instability of the Circle-issued USD Coin (USDC) token, Crypto Twitter questioned Warren’s stance around the collapse of a non-crypto-related bank.
Responding to Sen. Warren, Ari Paul, the founder of blockchain investment firm Blocktower Capital, highlighted how SVB is pushing crypto companies into bankruptcy, stating:
Tesla CEO Elon Musk shared a meme for the occasion, showcasing the dilemma of investors when it comes to trusting traditional banks and crypto businesses with their money.
pic.twitter.com/tTMWOHcUom
As previously reported by Cointelegraph, the investor advisory from the PCAOB’s Office of the Investor Advocate reminded users to not
Read on cointelegraph.comThe same topic in other media
First Crypto Lawsuit Reaches U.S. Supreme Court investopedia.com / 3 years ago
Belgium Cracks Down on Crypto Ads: New Rule Requires Stark Warning on Risk cryptonews.com / 3 years ago
Crypto investors pull $3 billion from stablecoin USDC in three days economictimes.indiatimes.com / 3 years ago
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