Treasury won't 'bail out bitcoin', Bessent says
Amid the ongoing crisis in the cryptocurrency sector, marked by crypto exchange bankruptcies and plummeting digital asset prices, US Treasury Secretary Scott Bessent faced intense grilling from lawmakers during a House hearing.
Bessent was questioned about his ties to the World Liberty Financial company, which media reports suggest has close links to former President Donald Trump. Legislators accused Bessent of allegedly trying to shield this firm from financial troubles.
Bessent also had to respond to questions about the Treasury's stance on cryptocurrencies. He stated that the Department of the Treasury has no intention of 'bailing out' Bitcoin or other digital assets, despite the ongoing pressure in this sector.
Experts believe the harsh criticism of Bessent reflects lawmakers' growing concerns about the impact of cryptocurrencies on financial stability and the need for stricter regulation of this rapidly expanding market.