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Bessent: The U.S. government has no authority to "rescue" Bitcoin, and taxpayers' money will not be invested in crypto assets.
On February 8th, Treasury Secretary Janet Yellen stated at a congressional hearing that the Department of the Treasury and the Financial Stability Oversight Council (FSOC) have no authority to “rescue” Bitcoin, nor do they have the power to require banks to purchase it as part of their reserves. Yellen emphasized that American taxpayers’ money will not be invested in crypto assets, and the Bitcoin currently held by the U.S. government are assets seized through law enforcement, which are entirely different from funds managed on behalf of taxpayers.