U.S. President Donald Trump signed an executive order today, August 7, 2025, to open the U.S. $9 trillion 401(k) retirement market to alternative investments like cryptocurrency, private equity, real estate, and other digital assets.
This groundbreaking retirement reform instructs federal regulators to reconsider longstanding restrictions under ERISA and accommodate exposure to these complex asset classes.
The order tasks the Department of Labor with reevaluating guidance that has long discouraged illiquid investments and clarifying fiduciary duties for plan sponsors managing allocation funds with alternative exposure.
It also directs Labor Secretary Lori Chavez‑DeRemer to coordinate with the SEC, Treasury, and other agencies to explore rule changes necessary to support participants’ access to alternatives.
Major private capital firms, including Blackstone, Apollo, and KKR, stand to benefit significantly as they seek access to America’s $12 trillion defined‑contribution retirement fund market.
While the executive order could modernize retirement plans by diversifying beyond stocks and bonds, critics warn that exposure to volatile, illiquid, or leveraged assets like crypto and private equity may introduce higher fees, liquidity issues, and elevated risk for everyday savers.
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