ShapeShift responds to Sen. Warrens comments to set the record straight

According to a recent statement, shapeshift, a non-custodial cryptocurrency platform, has refuted Senator Elizabeth Warren’s allegations of “illegal fundraising”, accusing her of using the platform as a scapegoat to launch the latest cryptocurrency. He suggested that he had “promoted” the currency bill.

In a February 19 tweet, ShapeShift said Warren made a “mistake” in the platform’s “analysis” during a recent Senate Banking Committee hearing. entitled Crypto Crash: Why Digital Assets Need Securing the Financial System, February 14.

On Valentine’s Day @senwarren I tried using ShapeShift as an example to push her latest crypto bill.

Unfortunately, the senator’s analysis was flawed. I would like to take this opportunity to set the record straight.

Shapeshift (@ShapeShift) February 18, 2023

in follow up TweetShapeShift denied Warren’s comments about its involvement in “illegal fundraising,” saying it “never processes user funds,” and that it does not have the ability to “facilitate this.”

This comes after Warren suggested in a Senate hearing that Shapeshift had ulterior motives to reinvent itself as a DeFi platform in July 2021.

Warren suggested the restructuring was to encourage people to launder money on the platform.

Shapeshift also clarified that it is “not an exchange” and detailed that it is an open-source cryptographic dashboard that “connects users” to various protocols and platforms.

He added that he is interested in “the same things” as Warren, citing “user safety” and “access to innovation” as their mutual focus.

ShapeShift encouraged Warren and others to “constructively engage” with the community on the topic of financial freedom and innovation, and shared a link to a discussion forum.

This comes just one day after ShapeShift CEO Erik Vorhees posted on his personal Twitter account on February 18th. state He said he looks forward to Warren “submitting suggestions” to the Shapeshift DAO governance process in response to her criticism of the platform.

Related: US Senator Elizabeth Warren Says Crypto Will Ruin the Economy Community Reacts

Warren has recently voiced his skepticism about cryptocurrencies, commenting in an interview on Jan. 25 that the U.S. Securities and Exchange Commission (SEC) should double down on cryptocurrency enforcement efforts. suggesting. I’m afraid of what comes next.

She said the previous SEC administration basically gave the go-ahead to open a cryptocurrency market full of junk tokens, unregistered securities, lag pulls, Ponzi schemes, pump and dumps, money laundering and sanctions evasion. I did,” he claimed.

Cointelegraph reached out to ShapeShift for comment, but did not hear back at the time of publication.