Two foreign senators referred their questions about the performance of accounting firms active in the field of encryption to a higher authority: the Public Enterprise Accounting Oversight Board (PCAOB). The senators said that FTX could not uncover the image of PCAOB and the financial industry because of its suspected illegal acts and embarrassing records.

Democratic senators Elizabeth Warren and Ron Wyden mentioned in a letter sent to Erica Williams, the current chairman of PCAOB, on January 25 that former FTX CEO Sam Bankman Fried accused the audit of Armano and Prager Metis, a large and medium-sized accounting firm. John Ray, the incumbent CEO of FTX, said at the bankruptcy court that he "has major concerns about the information in this audited financial report"

In addition, senators questioned the fairness and justice of these enterprises, saying that they were "the cheerleaders of the encryption industry"

Warren and Wyden mentioned Williams' statement that PCAOB only needs to meet the specifications of the board of directors to start a company, "when they audit public foreign investors or brokered foreign exchange dealers within the scope of their control, not any other customers", and stressed that PCAOB standards seem to contradict Williams' statement.

The senators also criticized the storage confirmation report by name. They wrote:

"In fact, the verification of storage verification is far from being an audit in the real sense. Because the verification report of storage verification does not conform to the clear specifications, it will not be subject to the supervision of PCAOB, nor can it prove that the sold property actually belongs to the customer."

Among the 12 cases mentioned in the letter, the reason why they discussed a process of establishing that they would not be subject to PCAOB supervision became more and more clear. Their first question is:

"When encryption enterprises (whether public or subjective) try to use the reserve verification test as an 'audit', what risks do investors encounter? What measures have PCAOB taken to mitigate these risks?"

Warren and Wyden once again sought to confirm that PCAOB had adopted all appropriate behaviors related to auditors in the encryption field. He also knew whether Williams would "promise to use your inspection management authority to evaluate and publish reports to provide service auditors for all encryption enterprises, even if the enterprise failed to apply for registration with the SEC."

In the end, senators understood the standards that auditors adhered to when auditing departments with crypto property or crypto company equity. They said they wanted a response before February 8.

Warren is one of the most outspoken critics in the field of encryption. Wyden, the current chairman of the Finance Committee of the House of Lords, has a more detailed record at the cryptocurrency level. In 2021, he and Cynthia Lummis, the "encryption senator", proposed to "adjust" the encryption reporting standard in the bipartisan infrastructure construction decree. In November, he wrote to Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin to understand their maintenance of consumers.

PCAOB is a non-profit enterprise established by the US government in accordance with the Sarbanes-Oxley Act of 2002. The SEC said in December that it would pay close attention to auditors.