Warren Wags Watchdog

The attention recent events have drawn to the cryptocurrency industry is starting to ripple into congress. Concerns are being raised in Washington, and the spotlight being shined lands directly on a government watchdog.

• Senators Elizabeth Warren and Ron Wyden are joining forces to question the credibility of the Public Company Accounting Oversight Board following recent events surrounding FTX’s collapse.
• The PCAOB is a nonprofit corporation created by Congress to oversee the audits of public companies to ensure the safety of investors. The board’s authority extends over brokers and dealers registered with the Securities and Exchange Commission (SEC).
• The senators composed a letter sent to the PCAOB yesterday demanding steps be taken to maintain “rigorous standards for audit firms”.
• The letter went on to pose crypto-specific questions, suggesting that digital assets are a priority for auditors in the eyes of Sens. Warren and Wyden.

Elizabeth Warren has been one of the most vocal critics of cryptocurrency on Capitol Hill in recent history, praising SEC Chief Gary Gensler for enforcement actions taken against crypto.

Regulation has been all but guaranteed for ages, but in the wake of mismanagements, fraud, and constant collapse, some opportunists are coming out of the woodwork to sound the alarm.