U.S. Treasury Secretary Bessent States 'No Authority to Intervene in Bitcoin Market' in Congressional Testimony

On February 5th, U.S. Treasury Secretary Scott Bessent testified at the House Financial Services Committee hearing, stating clearly that he does not have the authority to implement relief measures in the event of a Bitcoin price drop, nor to direct private banks to purchase Bitcoin. His statement was in response to questions from Congressman Brad Sherman, who is critical of cryptocurrencies.

Congressman Sherman asked whether the government had the authority to intervene as it did with major banks during the 2008 financial crisis if Bitcoin prices plummeted. He further inquired whether there were plans to force private banks to purchase Bitcoin or 'TrumpCoin' through changes in bank reserve requirements.

Secretary Bessent stated that the Treasury does not have the authority to direct private banks in their purchasing decisions, nor to intervene in the cryptocurrency markets as suggested. He emphasized the importance of regulatory clarity and the need for careful oversight in the evolving digital asset space.