President Donald Trump is reportedly preparing to sign an executive order that would allow cryptocurrencies and other alternative assets in U.S. 401(k) retirement plans. The order, expected as soon as this week, would direct federal agencies to explore regulatory pathways for including digital assets like Bitcoin and Ethereum alongside metals, infrastructure funds, and private credit. This move aims to diversify the $9 trillion retirement market beyond traditional stocks and bonds.
According to the Financial Times, the executive order would instruct regulators to identify and remove barriers preventing 401(k) plans from incorporating these alternative investments. Three sources briefed on the matter confirmed the administration’s push to expand retirement portfolio options, signaling a potential overhaul of retirement savings management.
The White House quickly tempered expectations, stating that “no decisions should be deemed official unless they come from President Trump himself.” Spokesperson Kush Desai emphasized Trump’s commitment to “restoring prosperity for everyday Americans and safeguarding their economic future” while withholding confirmation of the order’s finalization.
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Regulatory Shift and Industry Impact
This initiative builds on the U.S. Labor Department’s May 2025 reversal of prior restrictions discouraging cryptocurrency in retirement accounts. The department had previously urged “extreme care” when considering crypto investments, a stance deemed “overreach” by the current administration. The policy reversal cleared initial hurdles for retirement plan managers exploring digital assets.
Major investment firms stand to benefit significantly from the proposed changes. Blackstone, which partnered with Vanguard, and Apollo—working with Empower Retirement—could expand their alternative asset offerings. BlackRock has already begun collaborating with Great Gray Trust on crypto-enabled retirement solutions, positioning itself at the forefront of this emerging market.
Political Context and Market Implications
Trump’s push aligns with his broader pro-crypto stance, including recent endorsements of digital asset legislation and public credit to the industry for his 2024 election victory. The executive order would mark the most substantial policy shift enabling mainstream retirement exposure to cryptocurrencies, potentially unlocking massive capital inflows.
Fidelity Investments, managing $5.9 trillion in assets, introduced crypto-capable retirement accounts in April 2025—a move now potentially validated by federal policy changes. Industry analysts suggest this could accelerate institutional adoption, though consumer advocates warn of volatility risks for retirement savings.
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Market Impact and Future Outlook
If implemented, the executive order could reshape retirement investing by normalizing exposure to digital assets within professionally managed funds. This follows global trends like Canada’s Bitcoin ETF approvals and signals growing U.S. regulatory acceptance. Long-term implications include potential new custody solutions and specialized retirement products from financial institutions.
- 401(k)
- A U.S. employer-sponsored retirement savings plan allowing tax-deferred contributions from employee wages, often with employer matching funds.
- Executive Order
- A directive issued by the U.S. President to manage federal operations without congressional approval, carrying the force of law.
- Alternative Assets
- Investments beyond traditional stocks/bonds, including cryptocurrencies, precious metals, private equity, and real estate.
- Private Equity
- Capital investment in private companies, typically involving buyouts or venture funding not traded on public exchanges.
