United States Treasury Secretary Scott Bessent told Congress on February 4 that the government will keep Bitcoin
During the hearing, Congressman Brad Sherman from California, a known critic of cryptocurrencies, questioned Bessent about whether federal agencies had the power to “bail out” Bitcoin.
He asked directly, “Does the Treasury Department or the Federal Open Market Committee have the authority to bail out Bitcoin?”
Did you know?
Subscribe – We publish new crypto explainer videos every week!
NEAR Protocol Explained: Beginner’s Guide to NEAR (Animated)
Sherman asked if the Treasury would push banks to buy more BTC or “Trump Coin”, a meme coin tied to President Donald Trump, by changing banking rules to allow such purchases.
Bessent stated:
I am Secretary of the Treasury. I do not have the authority to do that, and as chair of the Financial Stability Oversight Council (FSOC), I do not have that authority.
He also mentioned that the Bitcoin the government already holds has grown in value. About $500 million in seized Bitcoin has grown to over $15 billion while in custody.
Bessent referred to an existing executive order from President Trump that limits how the government can add Bitcoin to its holdings.
The order states that the United States can only acquire additional BTC through asset forfeitures or “budget-neutral” methods.
The UK’s House of Lords held a session to hear opinions on stablecoins as part of a new inquiry into how they should be managed under national rules.
Recently, the UK’s House of Lords held a session to hear opinions on stablecoins as part of a new inquiry into how they should be managed under national rules. What did they say? Read the full story.
