ShapeShift responds to Sen. Warren’s comments to ‘set the record straight’

Non-custodial crypto platform ShapeShift refuted United States Senator Elizabeth Warren’s claims of “illicit financing,” suggesting that she used the platform as a scapegoat to “push” her newest crypto invoice, based on a current assertion.

ShapeShift said in a tweet on Feb. 19 that Warren made “errors” in her “evaluation” of the platform at a current senate banking committee listening to entitled, Crypto Crash: Why Monetary System Safeguards are Wanted for Digital Property, on Feb. 14.

In a follow-up tweet, ShapeShift denied Warren’s feedback relating to its involvement with “illicit financing,” stating it “by no means handles person funds” and has no potential to “facilitate this.”

This comes after Warren prompt on the senate listening to that ShapeShift had ulterior motives for restructuring itself as a DeFi platform in July 2021.

Warren prompt that the restructure was to encourage individuals to “launder” cash on the platform.

Shapeshift additionally clarified that it’s “not an alternate,” elaborating that it’s an open-source crypto dashboard that “connects customers” to completely different protocols and platforms.

It added that it cares concerning the “identical issues” as Warren, citing “person security” and “entry to innovation” as a mutual focus.

ShapeShift inspired Warren and others to “constructively have interaction” within the matter of monetary freedom and innovation with its group, sharing a hyperlink to its dialogue discussion board.

This comes solely a day after Erik Vorhees, CEO of ShapeShift, took to his private Twitter on Feb. 18, stating that he’s trying ahead to Warren “submitting a proposal” to the Shapeshift DAO governance course of, in response to her criticism of the platform.

Associated: US Sen. Elizabeth Warren says crypto will smash economic system — Neighborhood responds

Warren has been a vocal crypto skeptic in current occasions, having made feedback in an interview on Jan. 25, suggesting that the US Securities and Alternate Fee (SEC) ought to “double down” on its crypto enforcement efforts, because the crypto trade is scared for what’s to return subsequent.

She claimed that the earlier SEC administration “primarily gave the inexperienced gentle” to open up a cryptocurrency market “filled with junk tokens, unregistered securities, rug pulls, Ponzi schemes, pump and dumps, cash laundering and sanctions evasions.”

Cointelegraph reached out to ShapeShift for remark however didn’t obtain a response by publication.

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