During a hearing of the U.S. House Financial Services Committee on July 14, Kevin Wash, Chair of the Federal Reserve Board (FRB), declared that the cryptocurrency industry would not receive bailouts in times of crisis. This statement was made during his first congressional testimony as FRB Chair. Democrat Brad Sherman, a member of the House, questioned Chair Wash on the potential responses should a stablecoin issuer fail, triggering a broader industry crisis. Wash emphasized...
