Treasury Secretary Scott Bessent told lawmakers on Wednesday that the US will retain bitcoin obtained through asset seizures, but won’t intervene to support the market by directing private banks to buy more.
The exchange came during a tense back-and-forth with California Rep. Brad Sherman, a longtime bitcoin critic.
No authority to direct bank buying
Sherman asked whether the Treasury Department or the Federal Open Market Committee has the authority to “bail out” bitcoin.
He also pressed Bessent on whether he would change bank reserve requirements to encourage purchases of BTC or “Trump Coin,” referring to memecoins tied to President Donald Trump.
Bessent said:
“I am Secretary of the Treasury. I do not have the authority to do that, and as chair of the Financial Stability Oversight Council (FSOC), I do not have that authority.”
Seized bitcoin holdings grew in custody
Bessent added that roughly $500 million in seized bitcoin held by the US government rose to more than $15 billion while in custody.
The comments were the latest update tied to the US government’s bitcoin stockpile, tracked alongside other sovereign holdings.
Strategic reserve rules limit new purchases
The bitcoin strategic reserve was established by executive order in March 2025.
The order stipulated that additional BTC could only be acquired through asset forfeiture or “budget-neutral” strategies.
Budget-neutral approaches include converting existing reserve assets—such as petroleum or precious metals—into bitcoin.
In August 2025, Bessent said the Treasury Department was exploring acquiring bitcoin through budget-neutral methods, a shift from earlier comments.
