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

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

Published Mar 11, 2023 02:04AM ET Updated Mar 11, 2023 03:40AM ET

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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:

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Comments (2)

jason xx Mar 11, 2023 9:08AM ET

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She demands a lot of things but the government has been dragging their feet on this for years. Regulations should of been done 5 years ago and it still would have been late.

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Chimaobi John Mar 11, 2023 4:03AM ET

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I just lost $2B 😭😭😭

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

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