U.S. Senator Elizabeth Warren’s latest tweet:fake crypto audit,” and “holding accountability” to auditors sparked outrage among the crypto community on Twitter.
The community said the tweet was Warren’s latest attempt to demonize the crypto industry, calling it “inaudible” amid the banking crisis involving Silicon Valley Bank (SVB). .
Warren recently tweeted in support of the Public Company Accounting Oversight Board (PCAOB). declare Proof-of-reserve audits of crypto companies have not been up to par, saying investors should “be very careful when relying on them.”
The PCAOB issued an advisory on March 8, citing concerns that investors placed undue reliance on PoR reports. said:
“Investors should importantly note that PoR engagement is not an audit, and therefore the related reports do not provide any meaningful assurance to investors or the public.”
Warren said the move was a step in the right direction, but told the PCAOB to “make sure consumers aren’t left holding their bags when shady crypto companies collapse.” asked to do more.
Crypto Twitter Folds Arms
Cryptocurrency Twitter is reeling from the USDC depeg caused by the SVB meltdown after Circle announced that about $3.3 billion of its stablecoin cash reserves were being held in collapsed banks. The community has highlighted the recent multiple bank failures and asked if senators are doing something about them as well.
Nick Carter, co-founder of Coin Metrics, responded to Warren’s tweet about the Senator’s bank run at Silvergate Bank, which “broke the nation’s banks into chaos.” He questioned whether he would apologize.
In addition, Carter Said The PCAOB declaration was misleading and part of Warren’s plan to block auditors from providing services to cryptocurrency companies.
Meanwhile, Blocktower Capital founder Ali Paul said that in contrast to Warren’s claims, the crypto-connected bank Silvergate could accept all withdrawal requests. , the ‘much larger’ non-virtual bank SVB failed to do so and many ‘blue chip bankruptcies’
Others agreed with the sentiment, saying Warren was “anti-innovation” and “politicizing banks.” Some claimed she conspired with short sellers to retaliate, while others simply called her name because she was unfaithful.