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

**February 19 Update** Senator Elizabeth Warren—a senior member of the Senate Banking Committee—has sent a letter to Treasury Secretary Scott Benett and Federal Reserve Chair Jerome Powell urging the administration not to use taxpayer dollars to bail out the cryptocurrency industry. In the letter, Warren warned any form of assistance would amount to “transferring wealth from American taxpayers to cryptocurrency billionaires”—a move she called not only “extremely unpopular” but also one that could directly benefit former President Donald Trump and his family’s crypto project, World Liberty Financial. The letter arrives as Bitcoin has plunged more than 50% from its all-time high and hit a local low of $60,000. On the same day, World Liberty Financial hosted the inaugural “World Freedom Forum” at Mar-a-Lago, drawing crypto industry executives and crypto-friendly policymakers. Warren also referenced the Financial Stability Oversight Council’s February 4 hearing, noting Benett had “evaded core concerns” when asked about bailing out Bitcoin. She stressed the administration should not intervene in the Bitcoin market via direct purchases, guarantees, or liquidity tools—to stop “cryptocurrency billionaires from becoming the primary beneficiaries of any bailout.”