Crypto Twitter Calls Senator Warren Deaf On Crypto Audits Amid SVB Collapse

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US Senator Elizabeth Warren’s latest tweet about “fake crypto checks” and holding auditors “accountable” has caused an uproar within Twitter’s crypto community.

The community said the tweet was Warren’s latest attempt to demonize the crypto industry and called him “deaf of ears” amid the banking crisis involving Silicon Valley Bank (SVB).

“Dummy checks”

Warren was tweeting in favor of the Public Company Accounting Oversight Board (PCAOB) recently proclaiming that crypto companies’ proof of reserve audits are substandard and that investors should “exercise extreme caution when considering rely on it”.

The PCAOB issued the notice on March 8 and said it was motivated by concerns that investors were placing too much faith in PoR reports. It said:

“It is important for investors to note that PoR engagements are not audits and therefore 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 called on the PCAOB to do more to ensure “consumers aren’t left behind when shady crypto companies go down.”

Crypto Twitter in arms

Crypto Twitter was rattled by the USDC depeg caused by the collapse of SVB after Circle announced that around $3.3 billion of its cash reserves for the stablecoin were held in the collapsed bank. The community pointed to multiple bank failures in recent days and asked if the senator was doing something about it as well.

Coin Metrics co-founder Nic Carter responded to Warren’s tweet and wondered if the senator would “apologize” for causing a bank run at Silvergate Bank and “throwing the nation’s banks into chaos. “.

Additionally, Carter said the PCAOB proclamation was misleading and part of Warren’s plan to stop auditors from doing a disservice to crypto firms.

Meanwhile, BlockTower Capital founder Ari Paul said that contrary to Warren’s claims, Silvergate, which is a crypto-connected bank, managed to honor all withdrawal requests, while the non-crypto bank ‘much bigger’ SVB failed to do this and pushed many ‘good companies out of business’

Others echoed those sentiments and said Warren was “anti-innovation” and “politicizing the bank.” Some went so far as to claim she was in cahoots with short sellers and paid off, while others simply called her names to be dishonest.

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