U.S. Treasury Secretary Scott Bessent told lawmakers during a House Financial Services Committee hearing that the government does not have the authority to bail out Bitcoin or direct banks to buy it, rejecting the idea that taxpayer dollars could be used to support the cryptocurrency amid market stress. When asked whether the Treasury could instruct banks to buy Bitcoin or invest public funds in crypto, Bessent replied that neither his role nor his position as Chair of the Financial Stability Oversight Council grants such authority.
Bessent defended the current policy of retaining seized Bitcoin as part of the government’s digital asset holdings, but did not commit to using federal funds for new purchases. The exchange with lawmakers included moments of confusion and pushback, including a pointed question about the possibility of using U.S. tax dollars to invest in crypto assets.
The hearing also saw a heated exchange with Rep. Gregory Meeks over oversight of the Trump family’s crypto company, World Liberty Financial, with Bessent declining to comment on potential restrictions and asserting the independence of the Office of the Comptroller of the Currency.
Source: The Block/Yahoo Finance coverage
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