Trump Signs Executive Order to Establish Sovereign Wealth Fund in 12 Months

On February 4th, US President Donald Trump signed an executive order on Monday afternoon requiring the Treasury and Commerce Departments to create a sovereign wealth fund. Although Treasury Secretary Scott Bessent has expressed cautious interest in cryptocurrency, Commerce Secretary nominee Howard Lutnick has been an active supporter of the field. Lutnick's bond trading giant Cantor Fitzgerald is the custodian of a large amount of government bonds for stablecoin giant Tether, and he himself has talked about his personal investment in Bitcoin.

 

On Monday, Bessent appeared with Trump in the Oval Office of the US White House, where he said he expected the sovereign wealth fund to be created within the next 12 months. Although Bitcoin was not mentioned at the signing ceremony, the sovereign wealth fund may become a way for the government to buy and hold cryptocurrency.