Crypto Company Bailouts Blocked Under Democratic Senator’s Bill

Senate Democratic Whip Dick Durbin wants to bar crypto companies from finding salvation with the federal government if the industry is on the verge of collapse or causes an economic crash.

The new legislation, first obtained by Bloomberg Government, would prohibit federal agencies from providing financial assistance to prevent bankruptcy in the crypto industry and restrict access to emergency liquidity. Read the bill text here.

“When crypto crashes, everyday Americans should not be on the hook for saving a failed industry—as they were during the 2008 financial crisis,” the Illinois senator said. “My simple legislation would ensure that taxpayers aren’t ...