The US Treasury has confirmed it lacks the legal authority to bail out Bitcoin or compel banks to purchase cryptocurrencies. Treasury Secretary Scott Bessent informed lawmakers at a House Financial Services Committee hearing that federal legislation prohibits the use of taxpayer funds for Bitcoin bailouts. This clarification comes amid heightened market stress, with Bitcoin prices dropping nearly 8% in 24 hours, reaching their lowest since November 2024. Bessent emphasized that neither the Treasury Department nor the Financial Stability Oversight Council can support Bitcoin, and taxpayer funds cannot be used for crypto purchases. Lawmakers also questioned the Treasury's ability to influence banks during crypto volatility, but officials reiterated that existing laws prevent directing banks to buy cryptocurrencies. The Treasury can only hold digital assets through legal forfeitures, not as part of budgetary spending. Additionally, lawmakers scrutinized World Liberty Financial over potential conflicts of interest and foreign influence, urging increased oversight. However, the Treasury declined to intervene in bank charter matters, highlighting the independence of the Office of the Comptroller of the Currency and the regulatory separation within the federal system.