According to a recent statement, non-custodial cryptocurrency exchange ShapeShift refuted claims of “illicit financing” by Senator Elizabeth Warren, suggesting that she used the platform as a scapegoat to “push forward” her most recent cryptocurrency bill. . Senator Warren had accused ShapeShift of “illicit financing.”

Cryptocurrency exchange ShapeShift claimed in a tweet on Feb. 19 that Senator Elizabeth Warren made “mistakes” in her “analysis” of the platform during a hearing held by the Senate Banking Committee on Feb. 14 titled “Crypto Crash.” : Why Financial System Safeguards are needed for digital assets.” The hearing was titled “Crypto Crash: Why Financial System Safeguards Are Needed for Digital Assets.”

In a subsequent tweet, ShapeShift refuted Warren’s claims that it was involved in “illicit funding” by stating that it “never handles user money” and cannot “enable this.”

This stems from Warren’s comments at the Senate hearing in which he implied that ShapeShift had ulterior reasons for reorganizing as a DeFi platform in July 2021.

Warren said the reorganization was done to entice users to “launder” their money through the site.

Adding to this clarification, Shapeshift said that it is “not an exchange,” expanding on the fact that it is an open source cryptocurrency board that “connects users” to various protocols and platforms.

He went on to say that he cares about the “same things” as Warren, specifically naming “user security” and “access to innovation” as areas of concern shared by the two parties.

By providing a link to its discussion forum, ShapeShift urged Warren and others to “constructively engage” on the topic of financial independence and innovation with their community.

This comes just one day after Erik Vorhees, the CEO of ShapeShift, took to his personal Twitter account on February 18 and stated that he hopes to “submit a proposal” to the Shapeshift DAO governance process in response to Elizabeth’s criticism. Warren to the platform. Vorhees made this statement in response to Warren’s criticism of the platform.

Warren has been an outspoken critic of cryptocurrency in recent months. He said in an interview on Jan. 25 that the United States Securities and Exchange Commission (SEC) should “double down” its attempts to regulate cryptocurrencies as the sector is nervous about what lies ahead.

He said the previous SEC administration “basically gave the green light” to establish a cryptocurrency market that was “full of junk tokens, unregistered securities, rug pulling, Ponzi schemes, pump and dump, money laundering and sanctions evasion.” “. .”