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Sovereign Wealth Fund to be Created by US Treasury and Commerce Departments
Executive Order Signed by President Trump
On Monday, U.S. President Donald Trump signed an executive order charging the Treasury and Commerce Departments with creating a sovereign wealth fund.
Treasury Secretary Scott Bessent expressed at least cautious interest in crypto, while Commerce Secretary nominee Howard Lutnick has been a loud champion for the sector.
Cantor Fitzgerald, Lutnick’s bond trading powerhouse, is the custodian for stablecoin giant Tether’s massive holdings of government paper, and Lutnick himself has talked about his own personal massive exposure to bitcoin (BTC).
Creation of Sovereign Wealth Fund
Appearing alongside Trump in the Oval Office, Bessent said he expected the sovereign wealth fund to be created in the next 12 months.
While bitcoin was not mentioned at the signing, a sovereign wealth fund could potentially be a vehicle through which the government might buy and hold the crypto.
Market Reaction
Bitcoin rose modestly to $99,600 in wake of the executive order news.
FAQs
- What is a sovereign wealth fund? A sovereign wealth fund is a state-owned investment fund that manages a country’s wealth and assets.
- What is the purpose of the sovereign wealth fund created by the US Treasury and Commerce Departments? The purpose of the sovereign wealth fund is to manage the country’s wealth and assets, potentially including cryptocurrencies like bitcoin.
- Who is Howard Lutnick? Howard Lutnick is the Commerce Secretary nominee who has been a loud champion for the cryptocurrency sector.
- What is Cantor Fitzgerald? Cantor Fitzgerald is a bond trading powerhouse that is the custodian for stablecoin giant Tether’s massive holdings of government paper.
- What is the expected timeline for the creation of the sovereign wealth fund? The expected timeline for the creation of the sovereign wealth fund is within the next 12 months.
