Trump to open 401(k) market to crypto and alternatives

Donald Trump is preparing to sign an executive order that would open the $9 trillion U.S. retirement savings market to alternative assets, including cryptocurrency, gold, and private equity.

According to a July 17 Financial Times report, the order would instruct federal agencies to examine and remove regulatory barriers that prevent 401(k) plans from incorporating digital assets and other non-traditional investments. This move marks Trump’s most recent attempt to increase cryptocurrency adoption and further incorporate it into the American financial system.

If enacted, the policy would allow professionally managed retirement plans to include a broader range of asset classes beyond public stocks and bonds. It would open the door for everyday savers to allocate capital to Bitcoin (BTC), private loans, infrastructure funds, and takeover-focused investment vehicles.

Additionally, it would offer retirement plan administrators legal safe harbors, lowering liability risks while they explore these riskier, less liquid options This executive order builds on a series of pro-crypto actions taken since Trump returned to office in January 2025.

He reaffirmed U.S. leadership in digital asset innovation earlier this year by signing orders creating a Strategic Bitcoin Reserve. His administration has supported several bills to clarify crypto regulation, including those approved by the House of Representatives on July 17, and has retracted enforcement actions against companies that hold digital assets

Trump has vowed to repeal what he calls “crippling regulations” put in place by past administrations. His family has also been active in the market, launching their stablecoin and investing more than $2 billion in digital assets through the publicly traded Trump Media & Technology Group.

In addition to helping digital assets, the proposed retirement market reforms would increase access for major private equity firms like BlackRock, Apollo, and Blackstone. These firms have long sought exposure to the 401(k) system, since they believe that even small contributions from American savers could generate hundreds of billions in new inflows.

Critics caution that adding illiquid, expensive investments to retirement plans may make it riskier for unsophisticated investors. However, supporters argue that the shift offers diversification, inflation protection, and increased access to the growth potential of emerging sectors like blockchain infrastructure and digital finance.

Trump’s order, if implemented, has the potential to drastically alter the retirement landscape in the United States and further establish cryptocurrency’s place in the nation’s long-term economic strategy.