US Senator Warren Sends Letter to Bessant and Powell Opposing Use of Taxpayer Funds to "Bail Out" the Cryptocurrency Industry
ChainCatcher News, according to Cointelegraph, senior member of the Senate Banking Committee Elizabeth Warren has sent a letter to Treasury Secretary Scott Besant and Federal Reserve Chairman Jerome Powell, urging the government not to use taxpayer funds to bail out the cryptocurrency industry.
In the letter, Warren warned that any form of bailout would mean “transferring wealth from American taxpayers to cryptocurrency billionaires,” which is not only “extremely unpopular,” but could also directly benefit President Trump and his family’s crypto project, World Liberty Financial.
The letter was sent at a time when the price of bitcoin has fallen more than 50% from its all-time high, reaching a local low of $60,000. On the same day, World Liberty Financial held its inaugural “World Liberty Forum” at Mar-a-Lago, inviting several crypto industry executives and policymakers who support cryptocurrency to attend.
Warren also cited the Financial Stability Oversight Council hearing on the 4th of this month in her letter, stating that Treasury Secretary Besant “dodged the core concerns” when responding to questions about a bitcoin bailout at that time.
She emphasized that the government should not intervene in the bitcoin market through direct purchases, guarantees, or liquidity tools, in order to avoid “making cryptocurrency billionaires the biggest beneficiaries of a bailout.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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