US Treasury Secretary Scott Bessent faced sharp questioning from lawmakers during a House Financial Services Committee hearing over World Liberty Financial, a Trump-linked crypto venture, and the Treasury’s authority over bitcoin.
Representative Gregory Meeks criticised World Liberty Financial’s alleged links to the United Arab Emirates, citing reports that an Emirati-backed vehicle quietly acquired a 49% stake for $500 million shortly before Donald Trump’s inauguration.
“I am Secretary of the Treasury, I do not have the authority to do that,”
Bessent said when asked whether he could bail out bitcoin or direct banks or taxpayer funds into crypto assets.
The scrutiny comes as World Liberty Financial seeks a US bank charter after filing an application with the Office of the Comptroller of the Currency, prompting Meeks to urge a pause pending conflict-of-interest reviews.
Bessent said the OCC operates independently and declined to say whether he would investigate World Liberty Financial, with the exchange escalating into a heated confrontation during the hearing.
Lawmakers also questioned Bessent about a strategic bitcoin reserve ordered by President Trump in 2025, under which seized bitcoin is retained by the Treasury and cannot be sold.
Bessent further rejected suggestions that the Treasury is involved in developing a US central bank digital currency, despite ongoing Federal Reserve research into the concept and repeated assurances that any CBDC would require congressional approval.
At the time of reporting, Bitcoin price was $73,215.96.