United States Treasury Secretary Scott Bessent informed Congress on February 4 that the federal government will maintain Bitcoin
$71,117.87
obtained by way of asset seizures however won’t ask non-public banks to purchase extra if the market drops.
Throughout the listening to, Congressman Brad Sherman from California, a identified critic of cryptocurrencies, questioned Bessent about whether or not federal companies had the facility to “bail out” Bitcoin.
He requested instantly, “Does the Treasury Division or the Federal Open Market Committee have the authority to bail out Bitcoin?”
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Sherman requested if the Treasury would push banks to purchase extra BTC or “Trump Coin”, a meme coin tied to President Donald Trump, by altering banking guidelines to permit such purchases.
Bessent said:
I’m Secretary of the Treasury. I should not have the authority to try this, and as chair of the Monetary Stability Oversight Council (FSOC), I should not have that authority.
He additionally talked about that the Bitcoin the federal government already holds has grown in worth. About $500 million in seized Bitcoin has grown to over $15 billion whereas in custody.
Bessent referred to an present govt order from President Trump that limits how the federal government can add Bitcoin to its holdings.
The order states that america can solely purchase extra BTC by way of asset forfeitures or “budget-neutral” strategies.
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