In its ongoing war against crypto, the U.S. Securities and Exchange Commission has now turned its sights on auditing firms and their reports.
The SEC is stepping up its scrutiny of crypto auditors as it continues to wage war against the digital asset industry.
In the latest in a recent torrent of anti-crypto articles, the Wall Street Journal has reported that there will be more dissection of the work that audit firms are doing for crypto companies.
According to the financial regulator, there is concern that investors may be getting a false sense of security from these crypto audits. Paul Munter, the SEC’s acting chief accountant, said:
“We’re warning investors to be very wary of some of the claims that are being made by crypto companies.”
The SEC has long claimed to be operating in the interests of investors, but its effort to crack down on the crypto industry by enforcement appears to be doing more harm than good. Munter even alluded to this, adding, “If we find fact patterns that we think are troublesome, we will consider a referral to the division of enforcement.”