US President Donald Trump signed an executive order on Monday mandating the creation of a sovereign wealth fund in the coming year, but the text of the executive order was scant in detail, other than directing the Treasury and Commerce Departments to submit plans for such a fund within 90 days, including recommendations on "financing mechanisms, investment strategies, fund structures and governance models". However, Bitcoin advocate US Senator Cynthia Lummis responded to the news by mentioning Bitcoin, posting on X that "this is a big deal" and using the Bitcoin symbol, which excited cryptocurrency enthusiasts. It is not yet clear how the US sovereign wealth fund will be structured and funded. According to the New York Times and the Financial Times, the Biden administration also considered establishing such a fund in November before Trump was elected.