CoinDCX Releases Proof of Reserve; US lawmaker backs crypto ban

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Indian crypto investment app CoinDCX released a comprehensive audited report on its proof of POR reserves on Monday as part of efforts to make them public. The report, released in partnership with Coingabbar, a crypto research firm, reveals the reserve balance for assets and liabilities.

The reserve balance is certified by the auditor, SGCO & Co. LLP, Chartered Accountants, in the format prescribed by the Institute of Chartered Accountants of India.

The total value of the crypto exchange’s reserve stood at 157,934,252 USDT and the total value of liabilities stood at 155,299,556 USDT as of December 15, 2022.

Sumit Gupta, Co-Founder and CEO of CoinDCX, said, “With this certificate, issued by our auditor, we want to reassure our users that your exchange is in good health.” He added, “Although user sentiment is low, it is important to share comprehensive information with users about the security of their VDAs (virtual digital assets).

US lawmaker backs crypto ban

Sherrod Brown, the head of the U.S. Banking Committee, said the Securities Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) may consider banning cryptocurrency, Cointelegraph reported.

“We want them to do what they need to do at the same time, maybe ban it, although banning it is difficult because it would go overseas, and who knows how that would work out,” said the Congressman from Ohio.

Brown’s comments come in response to a question at a conference about Senator Jon Tester’s earlier comments that cryptocurrencies should be banned. Brown said he had the “same thought”.

Brown claimed he had “educated” his colleagues and the public about the risks associated with cryptocurrencies.

“I’ve already gone to the Treasury and the Secretary and asked for a government-wide assessment through all the different regulatory agencies. The SEC has been particularly aggressive, and we need to move on. down that road and legislatively if that happens,” he added.

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