It’s absolutely reasonable to doubt anyone making unsubstantiated and unverifiable claims in this space.

> Their auditors views and interpretations vary wildly year to year, and they will not provide any written guidelines for their positions.

That's why I started with the disclaimer that "yes I know crypto it's a scam", but the regulators also seem to be making it difficult to stay compliant.

Really I feel like I should clarify the above since I wrote it pretty late at night, and it I don’t think I really summed the experience up well. Another commenter mentioned their experience with other regulatory bodies that really cuts closer to what I intended to say:

“While I have no experience in dealing with the SEC, I do in dealing with EASA and SOX audits. One common theme, both give you the barebone rules as written, and it is up to you to figure out how to follow them.”

That really is my entire complaint. The grey area of what “counts” according to an auditor will vary over time, and what might count one year will suddenly be inadequate the next or vice versa.