ShapeShift responds to Sen. Warren’s feedback to ‘set the report 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, in keeping with a current assertion.

ShapeShift acknowledged 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 Belongings,” on Feb. 14.

On Valentine’s Day, @SenWarren tried to make use of ShapeShift for instance to push her newest crypto invoice.

Sadly, there have been errors within the Senator’s evaluation, and we might prefer to take the chance to set the report straight

— ShapeShift (@ShapeShift) February 18, 2023

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 skill to “facilitate this.”

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

Warren instructed that the restructure was to encourage individuals to “launder” money on the platform.

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

It added that it cares in regards to the “similar 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 neighborhood, 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 wanting 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 ruin economy — Community responds

Warren has been a vocal crypto sceptic in current instances, having made feedback in an interview on Jan. 25, suggesting that america Securities and Change Fee (SEC) ought to “double down” on its crypto enforcement efforts, because the crypto industry is scared for what’s to come back subsequent.

She claimed that the earlier SEC administration “basically 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 in time of publication.