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U.S. Treasury Secretary Scott Bessent made notable remarks on Bitcoin and cryptocurrency policy during a hearing at the House of Representatives. Responding to lawmakers’ questions, Bessent addressed claims that the U.S. government could directly intervene to support falling Bitcoin prices or implement a market “rescue” plan. His comments were widely viewed as an important signal of Washington’s stance toward crypto markets.
“The Treasury Has No Authority to Buy Bitcoin”
In response to questions, Bessent stated clearly and unequivocally that the U.S. Department of the Treasury does not have the authority to purchase Bitcoin using taxpayers’ money. He emphasized that such an action is not possible under the current legal framework, firmly dismissing speculation about a potential government-led “bailout plan” to prop up Bitcoin prices.
Bessent also reaffirmed the Treasury’s commitment to a strong dollar policy, noting that preserving the dollar’s status as the world’s primary reserve currency remains a top priority. Following his remarks, there was no significant movement in the dollar index, with markets largely viewing the message as already priced in. He added that while he supports the independence of the Federal Reserve, accountability should not be overlooked. Asked whether a president could dismiss a Fed official due to policy disagreements, Bessent said he is not a lawyer and that such a matter would ultimately be decided by the U.S. Supreme Court.
Tense Hearing and Political Friction
The opening portion of the session included moments of tension. Senior Democratic Representative Maxine Waters sharply criticized Bessent at one point, while New York Democrat Gregory Meeks accused him of defending former President Donald Trump’s policies. The exchanges focused heavily on economic and regulatory issues.
In response, Bessent defended the Trump administration’s growth-oriented vision of “parallel prosperity,” in which Wall Street and Main Street grow together. He described some past regulatory actions as “reflexive regulation” rather than measures that prevent crises, arguing that such policies can harm market efficiency over the long term.
Bitcoin Debate and Crypto Policy
On the crypto front, some Republican lawmakers raised the idea of selling a portion of the U.S. gold reserves to buy Bitcoin. Bessent rejected this outright, reiterating that the Treasury cannot take such action. He also described the crypto policy of the Biden era as one of “extinction.”
Overall, Scott Bessent’s comments made it clear that the U.S. government does not intend to intervene directly in Bitcoin prices and that the crypto market will continue to operate according to market dynamics. While this stance removes expectations of a state-backed Bitcoin “rescue” in the short term, it also signals that regulatory debates around crypto will remain on the agenda in the period ahead.
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