During a congressional hearing on February 4, 2026, U.S. Treasury Secretary Scott Bessent clarified that the Treasury Department and the Financial Stability Oversight Council lack the authority to mandate banks to purchase Bitcoin or to invest taxpayer money in cryptocurrencies. He highlighted that the Bitcoin held by the government is the result of law enforcement seizures, not investments of taxpayer funds. This position aligns with recent emphases by U.S. officials on keeping taxpayer resources separate from the volatile cryptocurrency market to preserve financial stability.
US Treasury clarifies no authority to mandate bank Bitcoin purchases
