News author: Crypto Emergency
U.S. Treasury Secretary Scott Bessen spoke before the House of Representatives and confirmed that the U.S. remains committed to a strong dollar policy. In light of the decline in the bitcoin exchange rate, he responded to the question of whether the government could intervene and support cryptocurrency by stating that the Treasury does not have the authority to buy BTC with taxpayer funds.
"The Treasury does not have the authority to buy bitcoins," Bessen emphasized that:
• The U.S. adheres to a strong dollar policy,
• The Treasury cannot use public funds to purchase BTC,
• Government intervention in cryptocurrency rates is not provided for by law.
Following his statement, the dollar index remained stable.
The Secretary also noted the importance of the independence of the Federal Reserve, adding that the "accountability" of the regulator also matters. He refused to comment on hypothetical scenarios regarding the dismissal of the Federal Reserve leadership, citing the need to wait for the Supreme Court's decisions.
Heated debates in Congress
The meeting was tense:
• Congresswoman Maxine Waters emotionally demanded that Bessen "be quiet,"
• Gregory Meeks accused the Secretary of acting in the interests of President Donald Trump.
Bessen defended the administration's economic policy, stating that it aims for the "parallel prosperity of Wall Street and Main Street." He also criticized previous regulatory measures as "reflexive" rather than aimed at preventing crises.
Discussion on cryptocurrencies: Will the U.S. buy BTC
Some representatives of the Republican Party proposed the idea of selling part of the U.S. gold reserves to buy bitcoin. Against this backdrop, Bessen was asked whether the government could "save" BTC.
The response was unequivocal:
• The Treasury has no right to buy bitcoin,
• Public funds cannot be used to support the cryptocurrency rate.
At the same time, the Secretary criticized the cryptocurrency policy of the previous administration, calling it "destructive."
