On February 3, President Trump signed an executive order aimed at establishing a sovereign wealth fund. The order tasked Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick with implementing the fund. This development rekindles expectations regarding the previously promised strategic digital asset reserve in the country.
Details of the Executive Order
The new regulation is said to aim at converting the asset side of the US balance sheet into cash. Its implementation is expected to occur within the next 12 months. While this development has been interpreted as integrating digital assets into national strategies, official statements did not directly reference any specific digital asset.
Senator Lummis and New Legislative Initiatives
Senator Cynthia Lummis, a proponent of cryptocurrencies, has supported the strategic reserve idea promised during her campaign. The BITCOIN Act introduced in July 2024 aims to enhance technology, innovation, and competition. Lummis highlighted the significance of the executive order, calling it a “₿ig deal” on social media.
Senator Lummis is pressuring the US Marshals Service regarding digital asset management. The agency failed to provide details on digital asset management and storage within the specified timeframe. Lummis has previously expressed concerns regarding the agency’s digital asset management and warned against potential sales transactions in the future.
These developments have sparked speculation about the role of digital assets in national economic strategies between the government and the private sector. Although official statements lack clarity, this move keeps the expectations in technology and innovation alive. It remains to be seen how the situation will unfold in the coming period.
