TechFlow News, February 5: According to a Cointelegraph report, U.S. Treasury Secretary Scott Bessent testified before Congress on Wednesday, stating that the United States will retain Bitcoin seized through asset forfeiture but will not direct private banks to purchase additional Bitcoin during market downturns.
During a back-and-forth with California Representative Brad Sherman, Bessent explicitly stated that, as Treasury Secretary and Chair of the Financial Stability Oversight Council (FSOC), he lacks the authority to instruct private banks to buy more Bitcoin—or “TRUMP coin”—by altering bank reserve requirements.
Bessent added that the value of Bitcoin held by the U.S. government—seized through forfeiture actions—has grown to over $15 billion. Under President Trump’s March 2025 executive order, the U.S. government may acquire additional Bitcoin only through asset forfeiture cases or budget-neutral strategies—not via open-market operations.
