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Sen. Warren calls out 'sham audits' while SVB threatens crypto bankruptcy

Published 03/11/2023, 02:04 AM
Updated 03/11/2023, 03:40 AM

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:

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