According to CoinMeta, Treasury Secretary Scott Bennett ($Scott Bessent) launched a fierce attack on Senator Elizabeth Warren ($Elizabeth Warren) on Friday, accusing her of misunderstanding the foreign exchange market and failing to answer several questions regarding U.S. intervention in the Japanese yen. Bennett stated on Twitter that Warren's understanding of the foreign exchange market was inferior to her understanding of the banking industry. He provided Warren with a "foreign exchange tutorial" and accused the media of failing to recognize her "elementary mistakes." Warren countered by saying that Bennett's intervention failed to support foreign currencies, and his unsuccessful intervention in the Treasury bond market was criticized for destroying "two centuries of credibility." In response to Warren's letter on August 13, Bennett claimed that the Treasury Department exchanged existing foreign exchange assets for yen, without involving any new congressional appropriations or providing credit to Japan. Although the opening wording of Warren's letter was inappropriate, her subsequent description correctly indicated that the intervention involved selling euros in exchange for yen. Bennett defended the intervention, stating that it was a necessary measure to protect U.S. economic interests, arguing that an unruly yen could disrupt global markets and increase U.S. borrowing costs.