US Treasury Secretary Bessent said he has no authority to use taxpayer dollars to buy the cryptocurrency, when asked by Senator Sherman asked if the Treasury could intervene to “bail out Bitcoin.”

US Treasury Secretary Bessent said he has no authority to use taxpayer dollars to buy the cryptocurrency, when asked by Senator Sherman asked if the Treasury could intervene to “bail out Bitcoin.”

This is a significant statement from Treasury Secretary Bessent, clearly indicating that there is no intent or authority to use taxpayer money for cryptocurrency interventions or bailouts. This could temper expectations around governmental support for digital assets, potentially reinforcing market skepticism and leading to a reassessment of regulatory risks associated with the crypto space.