Indian crypto investment app CoinDCX on Monday published a full audited report on its proof of reserves POR) as part of efforts to make them public. The report, published in partnership with Coingabbar, a crypto research firm, reveals the reserve balance for assets and liabilities.
The reserve balance is certified by the statutory auditor, SGCO & Co. LLP, chartered accountants, as per the format prescribed by the Institute of Chartered Accountants of India.
The crypto exchange 's total reserve value stood at USDT $157,934,252, and the total value of liabilities stood at USDT $155,299,556 as on December 15, 2022.
Sumit Gupta, co-founder and CEO of CoinDCX, said, "With this certificate, issued by our statutory auditor, we would like to reassure our users that your exchange is in a healthy condition." He added, "While the user sentiment is low, it's important to share complete information with users about the safety of their VDAs (virtual digital assets ).
US Lawmaker Supports Crypto Ban
Sherrod Brown, the head of the US Banking Committee, said that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) might consider outlawing cryptocurrency, Cointelegraph reported.
"We want them to do what they need to do at the same time, maybe banning it, although banning it is difficult because it would go offshore, and who knows how that would work," said the Ohio congressman.
Brown's comments come in response to a question at a conference about Senator Jon Tester's earlier observations that cryptocurrencies should be outlawed. Brown said that he had the "same thought."
Brown claimed that he has been "educating" his colleagues and the public about the risks associated with cryptocurrencies.
"I've already gone to the treasury and the secretary and asked for a government-wide assessment through all the various regulatory agencies. The SEC has been particularly aggressive, and we need to move forward that way and legislatively if it comes to that," he added.