Federal Reserve Chair Kevin Warsh sent a stark warning on bailouts during a testimony on July 14.
Warsh appeared before the House Financial Services Committee for the Fed's semi-annual monetary policy report on Tuesday and repeatedly said the central bank doesn't want to bail out failing companies, including those belonging to the crypto industry.
During the testimony, Rep. Brad Sherman (D-CA-32) asked Warsh if the central bank would come forward to bail out failed cryptocurrency companies the way it rescued money market funds during the 2008 global financial crisis.
In no uncertain terms, Warsh denied any possibility of the Fed bailing out crypto firms if they fail.
"We do not want to be in the bailout business, full stop."
Warsh appeared before the House Financial Services Committee for the Fed's semi-annual monetary policy report on Tuesday and repeatedly said the central bank doesn't want to bail out failing companies, including those belonging to the crypto industry.
During the testimony, Rep. Brad Sherman (D-CA-32) asked Warsh if the central bank would come forward to bail out failed cryptocurrency companies the way it rescued money market funds during the 2008 global financial crisis.
In no uncertain terms, Warsh denied any possibility of the Fed bailing out crypto firms if they fail.
"We do not want to be in the bailout business, full stop."
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