- President Trump signed an executive order on February 3 directing the creation of a sovereign wealth fund, with Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick tasked with its implementation.
- Senator Cynthia Lummis, a prominent pro-Bitcoin legislator, introduced the BITCOIN Act and continues to advocate for a strategic Bitcoin reserve as a potential solution to national economic challenges.
- The executive order has generated significant speculation among crypto enthusiasts, with Lummis cryptically suggesting the order could be a significant development for Bitcoin through her social media post.
- Lummis has been actively pressuring government agencies like the US Marshals Service regarding Bitcoin holdings, in a push to integrate crypto into national financial strategies.
A so-called Strategic Bitcoin Reserve (SBR) is high on most crypto degens’ wish list when it comes to what Donald Trump can do for crypto. Trump famously promised such a reserve during his campaign, so everyone is on high alert when anything closely resembling an SBR is being discussed.
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Now, in the latest development, Senator Cynthia Lummis re-posted a tweet of Trump signing an executive order (EO) on February 3, which calls for the creation of a sovereign wealth fund, interpreted by some as a signal that the US could be considering purchasing Bitcoin.
Treasury Secretary Scott Bessent and Secretary of Commerce Howard Lutnick have been tasked with implementing this order which is expected to happen within the next 12 months to “monetize the asset side of the US balance sheet”.
While there was no immediate mention of Bitcoin, Lummis suggests in her post that the EO was a “₿ig deal”, using the Bitcoin logo.
Republican Senator Lummis introduced a bill in July of 2024 called the BITCOIN Act, which stands for “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide”.
Pro-Bitcoin Senator Presses US Marshall Services
Lummis said at the time that as people were struggling with high interest rates and “unprecedented” levels of national debt, it was time for the US to “take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve”.
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Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.
Senator Cynthia LummisShe has been a staunchly pro-crypto Senator, even applying pressure on the US Marshalls Service over their handling of seized Bitcoin.
The US Marshals Service did not meet a deadline set by the Senator for providing details on its Bitcoin holdings and management strategy. Lummis criticised the agency’s past management of BTC and is concerned about potential sales of Bitcoin despite plans for establishing a reserve.
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