Feb 19, 2023

ShapeShift Rejects Warren’s “Illicit Financing” Claim

ShapeShift, a non-custodial crypto platform, has refuted United States Senator Elizabeth Warren’s claims of “illicit financing” in a recent statement. The platform suggested that Warren used it as a scapegoat to “push” her latest crypto bill.

In a tweet on Feb. 19, ShapeShift stated that Warren made “mistakes” in her “analysis” of the platform at the senate banking committee hearing held on Feb. 14, which was entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”

ShapeShift continued to deny Warren’s comments in a follow-up tweet, saying that it “never handles user funds” and has no ability to “facilitate this.” Warren had suggested at the hearing that ShapeShift had restructured itself as a DeFi platform in July 2021 to encourage people to “launder” money on the platform.

The platform clarified that it is “not an exchange,” but rather an open-source crypto dashboard that “connects users” to different protocols and platforms. It added that it cares about the “same things” as Warren, such as user safety and access to innovation. ShapeShift encouraged Warren and others to “constructively engage” in the topic of financial freedom and innovation with its community, sharing a link to its discussion forum.

The day before, Erik Vorhees, CEO of ShapeShift, 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 sceptic 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, as the crypto industry is scared for what’s to come next.

In order to encourage the growth of the web3 space, ShapeShift is actively promoting NFTs and other crypto-based projects. The platform has recently launched a NFT marketing agency to help creators and projects to promote and sell their NFTs. The agency provides services such as Twitter NFT marketing, NFT promotion, and web3 agency services. ShapeShift is also offering a range of discounts and incentives to help creators and projects to get started with their NFTs.

In conclusion, ShapeShift is making a strong effort to promote the web3 space and its services. The platform is actively engaging with the crypto community to discuss financial freedom and innovation, and is providing a variety of services to help projects and creators to promote and sell their NFTs.

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