On February 8, U.S. Treasury Secretary Bessant stated at a congressional hearing on February 4 that neither the Treasury Department nor the Financial Stability Oversight Council (FSOC) has the authority to "bail out" Bitcoin, nor does it have the authority to require banks to purchase it as part of their reserves.
Bessant emphasized that U.S. taxpayers' money will not be invested in crypto assets, and that the Bitcoin currently held by the U.S. government is an asset seized by law enforcement, which is completely different from funds managed on behalf of taxpayers.
