U.S. Senator Elizabeth Warren has publicly called on the Federal Reserve and the Treasury Department to avoid using taxpayer funds or federal backstop mechanisms to bail out billionaires in the cryptocurrency industry. Against the backdrop of recent volatility in the crypto market, Warren emphasized that without sufficient regulatory constraints, insiders and crypto billionaires (including the Trump family, among others) are highly likely to protect themselves during crises while shifting all losses onto retail traders or retirees. She strongly urged the U.S. Treasury to implement strict supporting rules for the GENIUS Act and to issue clear guidance prohibiting the use of federal resources, such as the Exchange Stabilization Fund or the Federal Reserve's emergency lending tools, to backstop stablecoins or the crypto industry. (Cointelegraph) http://(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=56948