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As the worth of BTC craters, Bessent has dominated out the potential for a authorities bailout for the premier crypto.
“I Do Not Have That Authority”
Bitcoin’s crash to almost $60,000 on Thursday, a roughly 25% decline over seven days, has even U.S. lawmakers questioning whether or not the federal government can direct personal banks to purchase extra BTC throughout a market downturn.
“Does the Treasury Division or the varied parts of the Federal Open Market Committee have the authority to bail out Bitcoin?” anti-crypto California Rep. Brad Sherman (D-CA) requested Bessent in the course of the listening to.
Sherman then requested Bessent if he intends to order personal banks to buy extra BTC or “Trump Coin,” a reference to the memecoin launched final January by US President Donald Trump, by modifying banking reserve necessities to permit them to amass extra.
 
“I’m the Secretary of the Treasury. I wouldn’t have the authority to try this, and as chair of the Monetary Stability Oversight Council (FSOC), I wouldn’t have that authority.”
U.S. President Donald Trump signed an government order in March 2025 to create a strategic Bitcoin reserve, made up of tokens forfeited as a part of authorities legal or civil asset forfeiture. In accordance with Bessent, the $500 million in confiscated Bitcoin had surged in worth to over $15 billion whereas in custody.
Authorities Bitcoin Purchases Stay A Chance
In the course of the listening to, Bessent reiterated that the federal government stays dedicated to rising its Bitcoin holdings in a budget-neutral method with out utilizing American taxpayer {dollars}. Nonetheless, no main developments have been shared on how these methods could also be executed.
Among the many budget-neutral methods beforehand floated are reevaluating the Treasury’s gold certificates and tariff income.
That stated, the US authorities actively shopping for Bitcoin may create important demand for the world’s largest cryptocurrency, which can enhance its worth and certain sign to different nation-states the necessity to create their very own strategic Bitcoin reserves.
