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The Senate Banking Committee has advanced new cryptocurrency legislation, proceeding despite warnings concerning the 2023 banking crisis. A recently released report reveals a taxpayer-funded bailout linked to the crypto sector, suggesting that traditional financial institutions were at risk due to their exposure to digital assets. Critics argue that the legislation fails to address financial stability risks and may expose the public to further liability. Meanwhile, proponents maintain the bill is essential for establishing regulatory clarity for the industry. (96 words)
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