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Why some Americans are skeptical about Trump’s EO pushing a Sovereign Wealth Fund
The post Why some Americans are skeptical about Trump’s EO pushing a Sovereign Wealth Fund appeared on BitcoinEthereumNews.com. A section of the American public has expressed their misgivings about the country’s intentions of establishing a Sovereign Wealth Fund(SWF). That follows President Donald Trump’s signing of an Executive Order (EO) directing Treasury Secretary Scott Bessent and his nominee for the Commerce Department, Howard Lutnick, to create the investment tool. Speaking during the EO’s signing on Monday at the Oval Office, Mr. Trump expressed his excitement at development. He said, “We’re going to create a lot of wealth for the fund, and I think it’s about time this country had a sovereign wealth fund. ” Expectedly, news of Mr. Trump’s action stirred his fanbase, with some suggesting the SWF could pave the way for creating a Bitcoin Strategic Reserve, one of his campaign promises. That excitement, however, failed to rub off on some US citizens, who took to X to express their apprehension about the proposed SWF. Where is disquiet over Trump’s Sovereign Wealth Fund push coming from? A major point of contention is the opaqueness of the SWF. The president and his team haven’t spelled out how the fund will work, something that X users Michelle Denver and Dave Shaffer alluded to when replying to Whitehouse Press Secretary Karoline Leavitt’s tweet on the EO. Another concern is that the fund could be misused. Doug Arrowsmith labeled the program a government-funded Oligarchy and crypto ponzi scheme, sentiments that resonated with another user, Squirrelmecha. Meanwhile, Tatiana Fuchs likened the fund to money laundering at the highest levels, and the Grand Duchess chimed in, “That’s code for Elon Musk’s piggy bank.” Their fears tally with the findings of a 2024 Carnegie Endowment for International Peace study. This research found that a lack of governance and regulatory safeguards risks turning SWFs into “conduits of corruption, money laundering, and other illicit activities.” Others considered…
The post Why some Americans are skeptical about Trump’s EO pushing a Sovereign Wealth Fund appeared on BitcoinEthereumNews.com.
A section of the American public has expressed their misgivings about the country’s intentions of establishing a Sovereign Wealth Fund(SWF). That follows President Donald Trump’s signing of an Executive Order (EO) directing Treasury Secretary Scott Bessent and his nominee for the Commerce Department, Howard Lutnick, to create the investment tool. Speaking during the EO’s signing on Monday at the Oval Office, Mr. Trump expressed his excitement at development. He said, “We’re going to create a lot of wealth for the fund, and I think it’s about time this country had a sovereign wealth fund. ” Expectedly, news of Mr. Trump’s action stirred his fanbase, with some suggesting the SWF could pave the way for creating a Bitcoin Strategic Reserve, one of his campaign promises. That excitement, however, failed to rub off on some US citizens, who took to X to express their apprehension about the proposed SWF. Where is disquiet over Trump’s Sovereign Wealth Fund push coming from? A major point of contention is the opaqueness of the SWF. The president and his team haven’t spelled out how the fund will work, something that X users Michelle Denver and Dave Shaffer alluded to when replying to Whitehouse Press Secretary Karoline Leavitt’s tweet on the EO. Another concern is that the fund could be misused. Doug Arrowsmith labeled the program a government-funded Oligarchy and crypto ponzi scheme, sentiments that resonated with another user, Squirrelmecha. Meanwhile, Tatiana Fuchs likened the fund to money laundering at the highest levels, and the Grand Duchess chimed in, “That’s code for Elon Musk’s piggy bank.” Their fears tally with the findings of a 2024 Carnegie Endowment for International Peace study. This research found that a lack of governance and regulatory safeguards risks turning SWFs into “conduits of corruption, money laundering, and other illicit activities.” Others considered…
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