The US Treasury Secretary has rejected the idea of banks being forced to buy Bitcoin

At a congressional hearing, U.S. Treasury Secretary Scott Bessent clearly defined the boundaries of the U.S. financial agency’s authority regarding cryptocurrency policy. He explicitly stated that federal authorities will not use any coercive mechanisms to compel commercial banks to increase their digital asset holdings during market instability.

The question raised by California Congressman Brad Sherman of the Democratic Party concerned the possibility of the Treasury intervening in market processes. Sherman asked whether the secretary plans to use existing tools to stimulate banks’ demand for crypto assets, including meme coins associated with political figures. He also inquired about the potential revision of banking reserve standards to promote digital asset purchases.

Firm stance on jurisdiction boundaries

The secretary’s response was as clear as possible. Bessent emphasized that he does not have the tools for such actions, including those available to him as Chair of the Financial Stability Oversight Council (FSOC). In fact, such measures would be outside his official duties and contradict federal policy.

Confiscated assets: scope and strategic role

During his speech, the minister reported a significant increase in the value of assets seized and under U.S. control. Over the storage period, the value of confiscated reserves has grown by more than $15 billion, confirming the potential of these assets as part of the national reserve. However, this does not change the official position on methods of portfolio replenishment.

According to an order signed by the president earlier this year, the United States has gained legal tools to expand its strategic digital asset reserves, but only through specific channels. Replenishment is only possible via court orders for confiscation or by transforming other government reserves—such as oil or precious metals—into cryptocurrency. The open market remains excluded from the procurement strategy, Bessent emphasized.

Position on central bank digital currency: a matter of necessity

Earlier, the secretary expressed his view on the prospects for creating a digital dollar by the Federal Reserve. In his opinion, a government digital currency can only be considered a necessary measure in the absence of adequate alternatives to basic assets. This position reflects skepticism about the need to develop a national cryptocurrency in the current context.

Thus, the U.S. Secretary of the Treasury demonstrated a commitment to a clear separation between government regulation and market mechanisms in the field of crypto assets.