WASHINGTON, March 19 -- Sen. Dick Durbin issued the following press release:
U.S. Senate Democratic Whip Dick Durbin (D-IL) today introduced the No Bailout for Crypto Actto prevent taxpayers from footing the cost of a federal bailout for crypto companies if the industry causes an economic crash or sees mass bankruptcies. While the cryptocurrency industry has made sweeping promises of a decentralized financial system, faster payments, and financial inclusion, reality shows that crypto is volatile, and the industry is riddled with corruption. The 2008 financial crisis cost taxpayers $498 billion, and the Savings and Loan Crisis of the 1980s and 1990s cost taxpayers $124 billion. Nearly two-thirds of Americans oppose a bailout of the crypto i...