Us senators Elizabeth Warren and Ron Wyden require the Public Company Accounting Oversight Board (PCAOB) to hold certified public accountants accountable for unsuccessful password new projects.

PCAOB, a non-profit organization that regulates the auditing of listed companies and other foreign investors, recently made it clear that risk reserve confirmation (POR) is not equal to financial audits conducted in accordance with PCAOB accounting standards. POR is a method widely used by password trading centers to determine the availability of customer funds. But Warren's rules are more tightly regulated:

"but let's be clear: PCAOB needs to do more work so that when an abnormal password company goes bankrupt, it won't hold the customer accountable."

The password community contrasted her statement, as many team members stated that Silicon Valley Bank (SVB), a bank guaranteed by the Federal Deposit Insurance Corporation, had gone bankrupt.

On the other hand, because SVB single-handedly created the unstable price of Circle's publicly issued dollar coins (USDC), Crypto Twitter doubted Warren's view on the failure of a bank that had nothing to do with passwords.

In response to Warren, Alibaba Wade, founder of digital currency investment company BlockTower Capital, explained how SVB led data encryption companies to collapse. He said:

Operating on a large scale SVB, a non-data encryption bank, has just driven many outstanding companies out of business. There is no need to pretend that your kingdom's infrastructure helps us. This is just another unnecessary trouble for shareholders and corporate depositors.

Tesla CEO Elon Musk shared a meme at the meeting, showing investors' dilemma after trusting traditional banks and password companies.

According to Cointelegraph, investor inquiries in the PCAOB investor criminal defense attorney's office remind you that you cannot rely solely on the POR report to determine the existence of the fund.

"when are you going to apologize for causing Bank of America's confusion by crowding out Bank of America?" One investor asked in response to Warren.

On March 11th, Circle revealed that $3.3 billion was stranded in Silicon Valley banks after a failed transfer request on March 9th.

In addition to Circle's statement, the company's chief strategy officer and current policy director around the world, when calling on the Federal Deposit Insurance Corporation (FDIC) to draw up a rescue plan, paid attention to "Circle is now protecting USDC from the bankruptcy of foreign bank management system Grey Swan."

At the time of writing, about $40 billion (8.24%) of USDC's reserves, including $3.3 billion, were left in the hands of SVB.