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ShapeShift responds to Sen. Warren's comments to "set the record straight"

Published on

February 19, 2023
Read Time:2 Minute, 7 Second

Non-custodial crypto platform ShapeShift dismissed U.S. Senator Elizabeth Warren's claims of "unlawful funding" and hinted that she was utilizing the platform as a scapegoat to "push by way of" her newest crypto invoice, in line with a latest assertion.

ShapeShift defined in a tweet on Feb. 19 that at a latest Senate Banking Committee listening to, Warren made “errors” of their “evaluation” of the platform justified "Crypto Crash: Why Monetary System Safeguards are Wanted for Digital Belongings," February 14.

At Valentine's Day, @SenWarren tried to make use of ShapeShift for example to push their newest crypto invoice.

Sadly, there have been errors within the Senator's evaluation and we want to take this chance to set the document straight

— ShapeShift (@ShapeShift) February 18, 2023

In a sequel tweetShapeShift has disputed Warren's feedback about its involvement in "unlawful funding," stating that it "by no means handles consumer funds" and has no capability to "facilitate that."

This comes after Warren hinted on the Senate listening to that ShapeShift had ulterior motives to reorganize as a DeFi platform in July 2021.

Warren instructed that the reorganization ought to encourage folks to "launder" cash on the platform.

Shapeshift additionally clarified that it's "not an alternate," stating that it's an open-source crypto dashboard that "connects customers" throughout completely different protocols and platforms.

It added that it cares about "the identical issues" as Warren, citing "consumer safety" and "entry to innovation" as widespread areas of focus.

ShapeShift inspired Warren and others to "have interaction constructively on the difficulty of economic freedom and innovation" together with his neighborhood by sharing a hyperlink to his dialogue discussion board.

This comes only a day after ShapeShift CEO Erik Vorhees took to his private Twitter on February 18th. indicate that he appears to be like ahead to Warren submitting "a proposal" for Shapeshift's DAO governance course of in response to her criticism of the platform.

Associated: US Senator Elizabeth Warren Says Crypto Will Smash Financial system - Neighborhood Responds

Warren has been a vocal crypto skeptic currently, after making feedback in a Jan. 25 interview suggesting that america Securities and Alternate Fee (SEC) ought to “double down” on crypto enforcement efforts , because the crypto business is scared of what is subsequent.

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

Cointelegraph reached out to ShapeShift for remark however obtained no response on the time of publication.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 19, 2023
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