U.S. Treasury Secretary stated that banks will not be compelled to acquire Bitcoin., 2026/02/05 10:50:03

U.S. Treasury Secretary Scott Bessent, during his address to Congress, affirmed that the United States will continue to hold confiscated bitcoins but will not mandate private banks to acquire additional BTC during market downturns.

California Representative Brad Sherman, a member of the Democratic Party, inquired of Bessent, “Does the Treasury have the authority to rescue Bitcoin?” Sherman asked whether he intends to require private banks to purchase more BTC or “Trump coins,” referring to the meme coins TRUMP and other tokens associated with his family. He also questioned if there would be changes to reserve requirements for banks to buy more of these crypto assets.

“I am the Secretary of the Treasury. I do not have the authority to do that, and as the chair of the Financial Stability Oversight Council (FSOC), I do not possess such powers either,” Bessent responded.

He further noted that the value of the confiscated bitcoins held by U.S. authorities has already surpassed $15 billion during the period of custody. According to an order signed by President Donald Trump in March, the U.S. can only replenish its strategic Bitcoin reserve through court orders for asset confiscation or via budget-neutral methods. These methods involve converting other reserve assets, such as oil or precious metals, into bitcoins. Bessent clarified that the U.S. authorities will not purchase bitcoins on the open market.

Last year, the U.S. Treasury Secretary expressed opposition to the Federal Reserve’s (Fed) launch of a digital dollar. Bessent believes that the introduction of a central bank digital currency is only necessary when there is a lack of basic asset alternatives.