Can the Government 'Bail Out' Bitcoin? Congressman Prompts Bizarre Exchange With Treasury Secretary
During a House Financial Services Committee hearing, U.S. Treasury Secretary Scott Bessent faced questions about Bitcoin’s role in potential financial crises. When asked if the Treasury could "bail out Bitcoin," Bessent requested clarification, emphasizing the decentralized nature of Bitcoin and that its network stability does not depend on its market price. Bessent stated he lacks authority to compel banks to purchase Bitcoin and did not commit to ever investing taxpayer money in cryptocurrencies, though he noted the government holds seized Bitcoin. The session grew tense when Rep. Gregory Meeks questioned Bessent about a potential investigation into World Liberty Financial—linked to the Trump family and a controversial AI chip deal—before granting the company a bank charter. Bessent refused to discuss the matter, citing the OCC’s independence, leading to a heated exchange between him and Meeks before the committee chair intervened.
