Treasury Secretary Scott Bessent Says US Has No Authority To 'Bail Out' Bitcoin
Treasury Secretary Scott Bessent stated that the U.S. government lacks the legal authority to support or 'bail out' Bitcoin, rejecting speculation about a Strategic Bitcoin reserve. During a House Financial Services Committee hearing, he clarified that neither the Treasury nor federal regulators can compel banks to invest in Bitcoin or use taxpayer funds for crypto assets. Bessent noted that the government does hold seized Bitcoin as assets, which have significantly appreciated in value. He emphasized the U.S. aims to lead in crypto innovation through regulation, not intervention.
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