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SEC’s Proof of Reserve Review

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The United States Securities and Exchange Commission has warned investors not to trust the evidence of crypto companies.

Paul Munter said that the SEC is looking into the financial reporting of the crypto industry. The Financial Controller of the United States Securities and Exchange Commission, Paul Munter, has warned investors not to trust the proof of income from crypto companies.

“We warn investors to be careful about some of the claims made by crypto companies,” Munter told the Wall Street Journal, adding, “Investors should not have too much faith in the fact that the company says that they have proof of reservation from the company.

Munter also said that the SEC is looking into the financial reporting of the crypto industry. “We’re increasing our understanding of what’s going on in the market,” Munter said. “If we see the principle of truth and we see a problem, we will consider a referral to the Enforcement Division.”

Munter’s comments come about a week after accounting firm Mazars temporarily suspended all efforts for crypto exchanges.

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