US Senators Elizabeth Waren (DMA) and Ron Wyden (D-OR) have expressed disappointment with the Public Company Accounting Oversight Board (PCAOB) for its non-compliance Auditors responsible for “sham” crypto audits.

Senators expressed concern over the role of “shady audits” that give crypto firms an illusion of financial stability.

In a letter to the PCAOB Chair Eric WilliamsWarren and Wyden pointed to the limited audits conducted by PCAOB-registered firms Prague Metis and Armanino for bankrupt crypto exchange FTX before its collapse.

“Given that the continued use of crypto firm sham audits conducted by PCAOB-registered auditors misleads the public and threatens the integrity of that audit system – and we now know, possibly the banking and financial systems – you have both the authority as well as the responsibility for it curb”, decipher reported the letter as it is called.

Warren and Wyden also criticized the validity of proof-of-reserves reports, an audit practice for crypto firms that provides a report of assets held in reserve.

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Senators noted that PoR reports do not follow established standards, are not overseen by the PCAOB, and do not prove that publicly traded assets are actually owned by customers.

Responding to lawmakers’ concerns, PCAOB Chairman Williams explained in a February letter that “unfortunately, the PCAOB faces legal limitations when it comes to oversight of audits of certain cryptocurrency companies.”

She added that the organization is looking at ways to address concerns related to new technologies.

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