As tensions in Iran increase, hours before the negotiations, even the location of the meeting is uncertain. On the other hand, US Treasury Secretary Bessent made important statements about cryptocurrencies. The agenda is busy and BTC fell below 73 thousand dollars again at the time of writing. It is unclear what will happen at the Asian market opening, but the trend is downward.
Saving Bitcoin
on February 4 US Treasury Secretary Scott Bessent He testified in Congress. He was asked the kinds of things you all would expect because Democrats were looking forward to this testimony. We even saw mutual insults such as “shut up”. However, what was important to us were the issues concerning cryptocurrencies.
with cryptocurrencies California Congressman Brad Sherman, known for his criticisms, asked Treasury Secretary Bessent;
“Do various components of the Treasury Department or the Federal Open Market Committee have the authority to bail out Bitcoin?”
He further asked whether they would save Bitcoin when necessary. Bessent, on the other hand, said that he would continue to hold the “assets seized by the USA”, but that if the markets fall, they “will not instruct banks to purchase BTC”. If such a thing had happened, Bitcoin would not be in this state. Sherman’s question was also intended to ridicule Trump’s team’s interest in cryptocurrencies.
“I’m the Treasury Secretary. I don’t have the authority to do that, and I don’t have that authority as chairman of the Financial Stability Oversight Council (FSOC).” –Bessent
He also underlined that the USA created billions of dollars of value by holding the Bitcoins it confiscated. In March last year, Trump launched the Bitcoin strategic reserve initiative with the executive order he signed. This development caused disappointment, as everyone expected an El Salvador-style reserve, and with the tariff discussions in April, the markets fell, although not as much as today.
World Liberty Financial
If Republicans lose the midterm elections and Trump is impeached by the end of the year, it could be because of WLFI. The Wall Street Journal reported that Emirati Sheikh Tahnoon bin Zayed Al Nahyan indirectly WLFI You may remember the news where he talked about buying shares (of the companies behind his token). It was on the agenda just days ago and Trump’s It was claimed that this secret investment was made to provide favors to the company in the UAE regarding AI chips.
Bessent was asked about this too, and he said the OCC was an independent agency, but World Liberty Financial He did not answer the question of whether he would investigate. After this point, New York Democratic Party Deputy Gregory Meeks and Bessent started arguing and shouting at each other. The debate ended with Meeks telling the Treasury Secretary to “stop watching the president’s back.”
