U.S. Treasury Secretary Scott Bessent stated at a congressional hearing that the U.S. government will not "bail out" Bitcoin during market downturns, nor will it instruct private banks to buy BTC. Responding to a question from California Representative Brad Sherman, Bessent clarified that neither the Treasury Department nor the Financial Stability Oversight Council (FSOC) has the authority to require banks to purchase Bitcoin or so-called "Trumpcoins" by adjusting reserve rules. He also stated that the U.S. will continue to hold Bitcoin acquired through asset forfeiture, the value of which has increased from approximately $500 million to over $15 billion during its custody period. Furthermore, Bessent reiterated that the U.S. strategic Bitcoin reserve will only increase its holdings through asset forfeiture or "budget neutrality" methods, and will not directly purchase Bitcoin on the open market. (Cointelegraph)