U.S. Treasury Secretary Scott Bessent has delivered a definitive dual policy statement, ruling out both a potential government bailout for Bitcoin and any plans to develop a U.S. Central Bank Digital Currency (CBDC).
During a recent congressional hearing, Congressman Brad Sherman (D-CA-32) questioned Bessent on whether the Treasury Department possessed the authority to orchestrate a bailout of Bitcoin, which would involve either directing banks to purchase the cryptocurrency or using taxpayer funds to prop up its value. Bessent clarified that no such bailout would occur.
This stance follows earlier market volatility in August 2025 when Bessent, during a Fox Business interview, initially ruled out U.S. Bitcoin purchases, only to later clarify that the Treasury "did not completely shut the door on future purchases." The expectation for a significant U.S. Bitcoin reserve, initiated by an executive order in May 2025, has been underwhelming, as it involves only seized cryptocurrencies rather than active acquisitions.
Concurrently, in a separate but related declaration, Secretary Bessent confirmed the administration has no plans to issue a CBDC, assuming the Federal Reserve shares this position. This statement was made in Washington D.C. on March 15, 2025, in response to pro-cryptocurrency advocate Rep. Warren Davidson, who has previously described a CBDC as "communist money." Bessent's dual assertion from the Treasury, coupled with implied Fed alignment, creates a unified policy front against a digital dollar.
The political context is significant. The decision responds to substantial bipartisan opposition in Congress, where concerns center on financial privacy, government overreach, and a preference for private-sector innovation. This positions the United States as an outlier among G20 nations, contrasting with over 130 countries globally, including China with its digital yuan and the European Central Bank's digital euro project, which are actively pursuing CBDCs.
The failed legislative push for a more aggressive Bitcoin stance is highlighted by Senator Cynthia Lummis, who reportedly urged Bessent to convert U.S. gold reserves into Bitcoin. Lummis, who introduced a Bitcoin reserve bill proposing the purchase of 1 million BTC (roughly 5% of total supply) without increasing national debt, has since announced her retirement. Meanwhile, several states like Arizona, Utah, and Pennsylvania are proceeding with their own versions of a Strategic Bitcoin Reserve with varying success.
