U.S. Senator Elizabeth Warren urges the Federal Reserve and the Treasury Department to reject a bailout for cryptocurrency billionaires.

Techub News reported, according to Cointelegraph, U.S. Senator Elizabeth Warren publicly called on the Federal Reserve and the Treasury Department not to use taxpayer funds or federal backstop mechanisms to bail out billionaires in the cryptocurrency industry. Warren emphasized that in the absence of sufficient regulatory constraints, insiders and crypto billionaires (including the Trump family, etc.) are highly likely to protect themselves during a crisis and shift losses onto retail traders or retirees. She strongly urged the Treasury Department to issue strict supporting rules for the GENIUS Act and to clearly issue guidance prohibiting the use of federal resources such as the Exchange Stabilization Fund or Federal Reserve emergency lending facilities to backstop stablecoins and the cryptocurrency industry.