President Donald Trump has signed a new executive order aimed at expanding Americans’ access to alternative investments – including cryptocurrencies, private equity, real estate, and gold – within their retirement savings plans.
The directive, issued on Thursday, instructs the U.S. Department of Labor to review existing regulations that currently restrict the inclusion of non-traditional assets in workplace retirement accounts, commonly known as 401(k) plans. The regulatory review is expected to take up to 180 days.
This move is part of a broader strategy to democratize investment opportunities that have traditionally been limited to wealthy individuals and institutional investors.
Through the opening up 401(k) plans to alternative assets, the administration hopes to unlock new sources of capital for emerging sectors such as crypto and private equity.
“Americans deserve more freedom and flexibility in how they grow their retirement savings,” President Trump said during the announcement, which coincided with Apple Inc.’s $100 billion investment pledge in U.S. manufacturing.
Major investment firms like State Street and Vanguard are already exploring partnerships with private equity giants such as Apollo Global and Blackstone to develop new retirement products tailored to alternative assets. Trump’s directive is expected to accelerate these efforts.
If implemented, the policy could reshape the retirement landscape by channeling billions of dollars into alternative investment markets, including digital assets like Bitcoin and Ethereum.
Risks and Criticism
Despite the potential benefits, financial experts and consumer advocates have raised concerns.
Alternative assets – especially cryptocurrencies – are known for their volatility, lower liquidity, and reduced transparency compared to traditional investments like stocks and bonds.
Most U.S. employers now offer defined-contribution retirement plans, where employees invest a portion of their salary. These plans are governed by strict fiduciary rules that require careful consideration of risk, cost, and liquidity when selecting investment options.
Historically, these rules have discouraged employers from including high-risk assets in retirement portfolios.
Trump’s latest directive builds on his first-term efforts to promote private equity in retirement plans. That guidance was later reversed by President Joe Biden. In May 2025, the Department of Labor under Trump rescinded a 2022 advisory that had urged caution around including crypto in 401(k) offerings.
The Department of Labor’s review could pave the way for sweeping changes in retirement investment strategy. If approved, Americans may soon have the option to diversify their retirement portfolios with crypto, private equity, and other alternative assets – potentially transforming how millions plan for their financial future.
