Fed Chair Kevin Warsh Rules Out Crypto Bailout in First House Testimony
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Federal Reserve Chair Kevin Warsh told Congress on Tuesday the Fed remains focused on lowering inflation and will not bail out any sector, including crypto, reaffirming central-bank independence. He referenced the Fed's June decision to keep the benchmark interest rate at 3.5%–3.75% while assessing inflation dynamics. Bitcoin dipped after the testimony as markets weighed the lack of Fed support, highlighting short-term downside risk for crypto adoption and market stability.
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- Kevin Warsh said the Fed remains focused on lowering inflation, with no plans to rescue the crypto industry.
- Warsh reaffirmed the Federal Reserve’s independence, saying politics will not shape monetary policy.
- Bitcoin dipped after the hearing as investors weighed Warsh’s comments on inflation and crypto support.
Federal Reserve Chair Kevin Warsh told lawmakers on Tuesday that the central bank remains focused on bringing inflation under control and will not bail out any sector, including the cryptocurrency industry. Speaking before the House Financial Services Committee in his first congressional testimony, Warsh said restoring price stability remains the central bank’s top priority.
His remarks followed the Federal Reserve’s decision in June to leave its benchmark interest rate unchanged at 3.5% to 3.75% as officials continued to assess inflation and broader econom…
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