Speaking at a key congressional hearing on US crypto policy, Scott Bessent delivered a firm message against state intervention in Bitcoin markets. Addressing the House Financial Services Committee, Bessent said neither the Treasury nor the Financial Stability Oversight Council has the authority to step in during market downturns.
During the session, California Representative Brad Sherman asked directly whether Bitcoin could be rescued by the government. Bessent responded by stating that he cannot instruct private banks to buy Bitcoin nor deploy taxpayer funds for crypto investments.
Bessent also revealed that the value of Bitcoin seized through criminal and legal proceedings has grown from around $500 million to over $15 billion. He emphasized that these holdings are not being sold, while stressing that maintaining seized assets should not be interpreted as an active market support policy.
