US Senators Call to Regulatory Agencies: ‘Tighten Controls!’

US government and senators cryptocurrency They stated that the audit pressure on their companies should be increased and the audits should be carried out seriously.

US Senator Warren Calls for an End to ‘Pretend’ Crypto Controls

US senator Elizabeth Warren and another colleague urged the US audit watchdog to take action against phony audits of crypto companies, citing the impact of audits on recent stresses on the US banking system.

Lawmakers including the Public Company Accounting Oversight Board (PCAOB), Chairman of the Senate Finance Committee, Senator Ron Wyden (D-Ore.), funded by publicly traded companies authorized and regulated by the U.S. Securities and Exchange Commission (SEC) regarding crypto oversight potential. accepted the problem.

As PCAOB Chairperson Erica Williams wrote in a letter shared by lawmakers in February, she said she was concerned that the auditors her organization audits “are performing ‘fake audits’, even for organizations whose audits often fall outside of our jurisdiction.”

Elizabeth Warren and another colleague urged the US audit watchdog to take action against “showy audits” of crypto companies, citing the impact of such audits on recent stresses on the US banking system.

“Unfortunately, the PCAOB faces legal limitations in regulating audits of certain crypto companies,” Williams wrote.

Warren and Wyden, who sit on the Senate Banking Committee that oversees the SEC and will be instrumental in drafting crypto legislation, said in a letter to Williams on Tuesday that it has more legal reach than the board allows, and “has a broad responsibility to protect the integrity of the supervisory system.” He argued that he could act.

*Not investment advice.

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