Senator Warren Opposes Using Taxpayer Funds to Rescue the Crypto Industry

ChainCatcher report, according to Cointelegraph, Senator Elizabeth Warren, senior member of the Senate Banking Committee, has sent a letter to Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell, urging the government not to use taxpayer funds to bail out the cryptocurrency industry. In her letter, Warren warned that any form of bailout would mean “transferring wealth from American taxpayers to cryptocurrency billionaires,” is “highly unpopular,” and could directly benefit President Trump and his family’s cryptocurrency project, World Liberty Financial. The letter comes as Bitcoin’s price has fallen more than 50% from its all-time high and touched a local low of $60,000. On the same day, World Liberty Financial hosted its inaugural “World Liberty Forum” at Mar-a-Lago, inviting numerous cryptocurrency industry executives and pro-cryptocurrency policymakers. Warren also cited the Financial Stability Oversight Council hearing on April 4, pointing out that Treasury Secretary Bessent had “avoided addressing 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, as this would risk “making cryptocurrency billionaires the primary beneficiaries of any bailout.”