00:00 Speaker A
Mr. Secretary, we went through the uh bailout of 2008, where powerful people lost money and now they want a government bailout.
00:13 Speaker A
Uh, do the various components of the Treasury Department or uh FMOC have the authority to bail out Bitcoin?
00:23 Speaker B
Can you elaborate? What does bailing out Bitcoin actually mean?
00:27 Speaker A
ok can you instruct the banks in this country to buy more bitcoin to buy bitcoin
00:33 Speaker A
Or change banking regulations uh so that uh uh they’re encouraged to do that because they need to have reserves.
00:41 Speaker B
Second, in the context of asset diversification within banks, they can hold many assets.
00:49 Speaker A
They can and they differ uh, but uh, uh, do you have the authority to order banks to buy Bitcoin or invest U.S. tax dollars in Bitcoin or Trumpcoin?
00:58 Speaker B
I’m the finance minister. I don’t have the authority to do that, and as FSOC Chairman, I don’t have the authority to do that.
01:05 Speaker A
Therefore, we will not see our tax dollars invested in crypto assets.
01:10 Speaker B
So why should a private bank be your tax collector?
01:13 Speaker A
Excuse me. What I’m asking now is the taxpayers’ money that you manage as Treasury Secretary. Will it be deployed into crypto assets?
01:21 Speaker B
We are retaining the seized Bitcoins.
01:25 Speaker A
It’s not exactly taxpayer money. You collected a lot of taxes this month.
01:29 Speaker B
No, that’s U.S. government property.
01:30 Speaker A
This is an asset in the United States and it’s – are you going to invest in –
01:33 Speaker B
I will point out –
01:34 Speaker A
Mr. Secretary, please take back my time. Do you want to invest——
01:37 Speaker B
From the perspective of asset seizure, 1 billion Bitcoins have been seized, 500 million have been detained, and 500 million has exceeded 15 billion.
01:46 Speaker C
The gentleman’s time has come.