Trump signs an executive order requiring the establishment of a sovereign wealth fund, which may become a channel for the government to purchase and hold cryptocurrencies

ChainCatcher News, U.S. President Donald Trump signed an executive order on Monday directing the Treasury Department and the Commerce Department to establish a sovereign wealth fund. Treasury Secretary Scott Bessenet has expressed some interest in cryptocurrencies, while Commerce Secretary nominee Howard Lutnick is a staunch supporter of the crypto industry.

Bessenet stated during an appearance at the White House with Trump that the sovereign wealth fund is expected to be established within the next 12 months. Although Bitcoin was not mentioned at the time of signing, the fund could become a tool for the government to purchase and hold cryptocurrencies.