US Treasury Secretary Bessant: The government will not "bail out" Bitcoin, nor does it have the authority to instruct banks to buy it.
TL;DR
U.S. Treasury Secretary Scott Bessent stated the government will not bail out Bitcoin or order banks to buy it, lacks authority for such actions, and will only increase Bitcoin holdings through seizures or budget-neutral methods.
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According to Odaily Odaily, U.S. Treasury Secretary Scott Bessent stated at a congressional hearing that the U.S. government will not "bail out" Bitcoin during market downturns, nor will it instruct private banks to buy BTC.
In response to a question from California Representative Brad Sherman, Bessant stated unequivocally that neither the Treasury Department nor the Financial Stability Oversight Council (FSOC) has the authority to require banks to adjust reserve requirements in order to purchase Bitcoin or so-called "Trumpcoin".
He also stated that the United States will continue to hold the Bitcoin acquired through asset seizure, the value of which has increased from approximately $500 million to over $15 billion during its custody period.
Furthermore, Bessant reiterated that the U.S. Strategic Bitcoin Reserve will only increase its holdings through asset forfeiture or "budget neutrality" methods, and will not directly purchase Bitcoin on the open market. (Cointelegraph)