Fox News' Nate Foy reports from New York on growing concerns about young adults and teens flocking to the Pump.Fun app on 'Special Report.'

The Senate Banking Committee will hold a meeting Thursday to mark up crypto legislation that further fulfills many of President Donald Trump’s promises to his crypto billionaire friends. In racing to finish the crypto industry’s wish list before midterms, Congress should remember what happened the last time crypto impacted legacy banking. We’ve seen this movie before — and taxpayers paid for the tickets.

Last September, as ranking member of the Senate’s Permanent Subcommittee on Investigations, I released a 292-page report documenting how three major American banks received dubious audits indicating they were sound — just before their catastrophic failures cost bank customers millions.

Our investigation gave us a unique window into how crypto can quickly move from innovation to contagion. Silicon Valley Bank, Signature Bank and First Republic Bank raked in profits when venture capital and crypto boomed, but they all learned that tech money comes fast but leaves even faster — threatening the stability of banking and leaving taxpayers and investors on the hook for losses. These bank failures provide a chilling warning for anyone backing the crypto lobby’s efforts to further cement the unsavory world of crypto into the American economy.

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