“Investors should not place too much confidence in the mere fact a company says it’s got a proof-of-reserves from an audit firm,” said Paul Munter, the SEC’s acting chief accountant. Having such a report “is not enough information for an investor to assess whether the company has sufficient assets to cover its liabilities,” he added.across the world announced they would publish transparency reports or Merkle tree proof-of-reserves to reassure spooked investors.
The SEC is warning both investors and audit firms that if it finds troublesome"fact patterns," the watchdog will consider a referral to the division of enforcement, according to Munter. The development assumes significance as questions have been swirling regarding Binance, the largest crypto exchange by trading volume, that did
SECGov amitoj They drop the ball and let the fox in the hen house then use it as justification to expand their reach.
SECGov amitoj SEC just hates crypto and want to find a way to kill an industry cos they can't controll it.
SECGov amitoj Maybe if audit scrutiny is strengthened, maybe some people will have fewer questions about the baking of some stablecoins, like Tether, although I already think they are doing well
SECGov amitoj Well, not bad, I think Tether will have no problem with putting additional auditing measures
SECGov amitoj 😶😶
SECGov amitoj Cryptocurrency is not the problem. Any company that lends out money to a third party for yield is at risk. Any company that does bad accounting and management is at risk of failing at some point. Doesn’t matter if they do it with cryptocurrency, fiat currency or gold. Or bananas
SECGov amitoj Bitcoin
SECGov amitoj The SEC is coming hard with the fud just like congress. 🤔😉😂✌️🖖💸
SECGov amitoj Coming from the most disingenuous regulators in the United States, right… I don’t believe anything they suggest or recommend and you should consider not believing any of it either.
SECGov amitoj Can you start to ban all the 'make 50000% profit' posts that are actually scam? Its so anoying.