The White House opposed certain elements of the sovereign wealth fund proposal developed by Treasury Secretary Scott Bescent and Treasury Secretary Howard Luttonick at the request of President Trump, according to the new one. Report From CBS News.
The plan reportedly took place by early May, and following the February executive order in February, it will instruct the Treasury and Commerce departments to develop a framework for the US sovereign wealth fund within 90 days.
The order promoted fund speculation It may be used to acquire Bitcoin On behalf of the US government.
But at the time, Bessent and Lutnick said the fund actually focused on warrants, fairness and other non-cryptic investments. Still, Trump's Crypto Czar David Sacks has shown that Bitcoin can be included in the fund's portfolio.
It seems that it's no longer true after Trump signed another executive order Establishing a strategic Bitcoin reserve Stockpiling of digital assets on March 6th. This suggests a standalone approach to cryptographic retention.
There were also rumours that despite the ongoing budget deficit, the fund could be funded through tariffs and other sources of revenue. However, Lutnick later revealed that tariffs would not be used to support sovereign wealth funds.
According to a CBS News report, White House spokesman Kush Desai said the Treasury and Commerce departments have developed plans in response to Trump's orders, but no final decision has been made.
The administration added that it continues to view the initiative as part of a broader effort to protect national and economic security.
Details of the fund's structure and purpose are under discussion, and no formal announcement is expected in the short term.
Sources say Trump has yet to decide how the fund's proceeds will be used, but he previously had the idea of taking stock in Tiktok.
With regard to US strategic Bitcoin reserves and digital asset stockpile, Bessent and Lutnick are also imposed on operational guidelines, custody frameworks, and acquisition strategies. These plans are expected to remain separate from the Sovereign Wealth Fund Initiative; Budget neutral.
