US Public Policy & Crypto Watch: Audit Watchdog Warns Against Taking Crypto Firms’ Reserve Assurances At Face Value

Brai Valerio-Esene
5 min readMar 10, 2023

Customers should exercise “extreme caution” on reports that claim crypto asset companies have enough assets on hand to cover their liabilities, according to the group charged with oversight of audit standards.

An advisory representing the views of the Public Company Accounting Oversight Board (PCAOB) noted the inherent limitations of ‘Proof of Reserve’ reports, and cited the body’s concerns “that investors and others may place undue

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Brai Valerio-Esene

Founder — SW4 Insights. Public policy junkie and Central Bank Watcher. Recovering journalist and former Senior Director at Hamilton Place Strategies