The head of the US Federal Reserve announced the absence of a plan to support the crypto industry during crises

The head of the US Federal Reserve, Kevin Warsh, said that the agency would not save the crypto industry in the event of a financial crisis. He said this on July 14 at a hearing before the House Financial Services Committee, which was broadcast on YouTube.

"We will do everything in our power to mitigate the extreme risks. However, when and if they come, we want to be in a position where we don't have to save anyone, including the crypto industry," the Fed chairman added.

He stressed that the Fed will do everything possible to mitigate the risks, but will not specifically help market participants.

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On June 17, at his first press conference, Warsh announced his intention to review approaches to collecting and processing data reflecting the state of the American economy. He said that the third data working group would evaluate new sources of information and consider methodological changes to improve data collection.

On May 22, US President Donald Trump announced that Warsh had been sworn in and officially assumed the post of the 17th chairman of the US Federal Reserve. According to Trump, he wants Warsh to act completely independently, not focus on him or anyone else, and just focus on doing his job well.