U.S. Treasury rejects Bitcoin bailouts and digital dollar

The U.S. Treasury Secretary confirmed no Bitcoin bailouts, no forced bank purchases, and no digital dollar plans, reinforcing a hands-off approach to cryptocurrency.

U.S. Treasury Secretary Scott Bessent has made it clear in multiple congressional hearings that the government does not have the authority to bail out Bitcoin or require banks to purchase it. He firmly rejected the use of taxpayer funds to support any cryptocurrency. Bessent explained that neither his office nor the Financial Stability Oversight Council can instruct banks to invest in Bitcoin or use public money for crypto acquisitions. While he defended the policy of retaining seized Bitcoin as government assets, he did not indicate any plans for new federal purchases. Additionally, Bessent stated there are no plans to introduce a central bank digital currency (CBDC), aligning with the Federal Reserve’s stance and pausing digital dollar development. These statements underscore a unified policy against government intervention in the cryptocurrency market.