Wu Says learned that Federal Reserve Chair Kevin Warsh said at a U.S. House Financial Services Committee hearing that the Fed does not want to engage in rescue operations and wants the financial system to be in a state where no entity needs to be bailed out, including the crypto industry. However, when pressed on whether it would provide support if a bank run occurs in the stablecoin or crypto markets, Warsh did not make an explicit commitment that it would never provide rescues.