U.S. Senator Warren Writes to Yellen and Powell, Opposing the Use of Taxpayer Funds to "Bail Out" the Cryptocurrency Industry

BlockBeats News, February 19th, Senator Elizabeth Warren, a senior member of the Senate Banking Committee, has written to Treasury Secretary Scott Benett 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 assistance would mean "transferring wealth from American taxpayers to cryptocurrency billionaires," which is not only "extremely unpopular" but could also directly benefit former President Trump and his family's cryptocurrency project, World Liberty Financial.

The letter comes as the price of Bitcoin has dropped by over 50% from its all-time high and hit a local low of $60,000. On the same day, World Liberty Financial held the inaugural "World Freedom Forum" at Mar-a-Lago, inviting many cryptocurrency industry executives and cryptocurrency-friendly policymakers to attend.

Warren also cited the Financial Stability Oversight Council hearing on the 4th of this month in the letter, pointing out that Treasury Secretary Benett had "evaded core concerns" when responding to questions about bailing out Bitcoin. She emphasized that the government should not intervene in the Bitcoin market through direct purchases, guarantees, or liquidity tools to prevent "cryptocurrency billionaires from becoming the primary beneficiaries of the bailout."