Feb 19, 2023

ShapeShift Rejects Warren’s Claims of “Illicit Financing”

ShapeShift, a noncustodial crypto platform, has recently refuted United States Senator Elizabeth Warren’s claims of “illicit financing” at a senate banking committee hearing, Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets, on Feb. 14. In response to her accusations, ShapeShift tweeted on Feb. 19 that Warren had made “mistakes” in her “analysis” of the platform and that they had no involvement with “illicit financing”.

ShapeShift clarified that they are “not an exchange”, but an open-source crypto dashboard that “connects users” to different protocols and platforms. They also stated that they have no ability to “facilitate” any form of illegal activity and never handle user funds.

At the senate hearing, Warren had suggested that ShapeShift restructured itself as a DeFi platform in July 2021 to encourage people to “launder” money on the platform. ShapeShift responded to Warren’s claims, stating that they care about the “same things” as Warren such as “user safety” and “access to innovation”.

ShapeShift’s CEO, Erik Vorhees, took to his personal Twitter on Feb. 18, stating that he is looking forward to Warren “submitting a proposal” to the Shapeshift DAO governance process, in response to her criticism of the platform.

Warren has been a vocal crypto skeptic in recent times, having made comments in an interview on Jan. 25, suggesting that the United States Securities and Exchange Commission (SEC) should “double down” on its crypto enforcement efforts. She claimed that the previous SEC administration “essentially gave the green light” to open up a cryptocurrency market full of “junk tokens, unregistered securities, rug pulls, Ponzi schemes, pump and dumps, money laundering and sanctions evasions.”

In an effort to engage in the topic of financial freedom and innovation, ShapeShift has encouraged Warren and others to “constructively engage” in the topic with its community. They have provided a link to their discussion forum and are hoping to use the platform to promote NFTs, crypto, web3, and other related topics.

ShapeShift has become a leader in the NFT marketing space and has established itself as a go-to web3 agency for those looking to promote and sell NFTs. They have developed a comprehensive Twitter NFT marketing strategy that has been proven to be successful in the promotion of NFTs.

ShapeShift has also become a trusted NFT marketing agency, offering a variety of services such as NFT promotion, NFT marketing, and NFT sales. They have the expertise and resources to help clients successfully launch and market their NFTs.

In conclusion, ShapeShift has taken a proactive stance in refuting Warren’s claims and is hoping to use the platform to promote the use of NFTs, crypto, and web3. They are also offering services to help those looking to promote and sell their NFTs.

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