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Bessent: The U.S. government has no authority to "rescue" Bitcoin, and taxpayers' money will not be invested in crypto assets.
BlockBeats News, February 8 — On the 4th of this month, U.S. Treasury Secretary Janet Yellen testified before Congress, stating that the Treasury Department and the Financial Stability Oversight Council (FSOC) have no authority to “rescue” Bitcoin, nor do they have the power to require banks to purchase it as part of their reserves.
Yellen emphasized that American taxpayers’ money will not be invested in crypto assets. The Bitcoin currently held by the U.S. government is confiscated property from law enforcement, which is entirely different from funds managed on behalf of taxpayers.