U.S. Senator Warren writes to Bessent and Powell, opposing the use of taxpayer funds to "rescue" the cryptocurrency industry

On February 19, senior member of the Senate Banking Committee Elizabeth Warren wrote to Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, urging the government not to use taxpayers’ funds to bail out the cryptocurrency industry. In her letter, Warren warned that any form of rescue would mean “transferring wealth from American taxpayers to cryptocurrency billionaires,” which is not only “highly unpopular” but could also directly benefit President Trump and his family’s crypto project, World Liberty Financial. At the time of the letter, Bitcoin’s price had 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 Freedom Forum” at Mar-a-Lago, inviting several crypto industry executives and policymakers supporting cryptocurrencies. Warren also cited the Financial Stability Oversight Council hearing on the 4th of this month, where Treasury Secretary Yellen reportedly “avoided the core concerns” when responding to questions about rescuing Bitcoin. She emphasized that the government should not intervene in the Bitcoin market through direct purchases, guarantees, or liquidity tools to prevent “making cryptocurrency billionaires the biggest beneficiaries of any rescue.”