Former U.S. President Trump will sign an executive order that opens the door for cryptocurrencies to be included in 401(k) retirement plans, which could reshape how Americans invest their savings.
The White House press office confirmed to Cointelegraph on Thursday that the order directs the U.S. Department of Labor to reassess the restrictions on alternative assets in defined contribution plans, including digital assets, private equity, and real estate.
A senior White House official stated that the order instructs the Labor Secretary to clarify the department's stance on alternative assets and to provide guidance on the fiduciary process for offering such investments in retirement portfolios.
Once implemented, the order will allow Americans to access digital assets through 401(k) plans, which is part of the $12.5 trillion retirement market and represents a coveted opportunity for cryptocurrency companies aiming to reach more retail investors.
This move will be a significant advancement for the cryptocurrency industry, which has long sought broader retail exposure and legitimacy within the financial system.
Despite institutional investors increasing their cryptocurrency allocations, ordinary savers have been limited due to fiduciary risks, regulatory uncertainty, and volatility concerns.
The White House official indicated that Trump's directive will require interdepartmental coordination with the Treasury Department and the U.S. Securities and Exchange Commission (SEC) to explore potential rule changes that could support the inclusion of alternative investments like cryptocurrencies in retirement products.
On July 18, the Financial Times cited anonymous sources stating that the president is considering including alternative investments such as crypto assets in 401(k) retirement plans.
In a previous statement to Cointelegraph, White House spokesperson Kush Desai noted that nothing should be considered an official position unless it comes directly from Trump himself.
Desai stated that Trump is committed to restoring prosperity for ordinary Americans and securing their economic future. "However, unless it comes from President Trump himself, no decision should be considered an official position," Desai said.
In an interview with Bloomberg, SEC Chairman Paul Atkins emphasized the importance of education regarding the investment-related risks of cryptocurrencies.
Atkins stated that disclosure is key, and people should understand the area they are entering. He added that he looks forward to the actions the president will take.
Earlier this year, the Department of Labor rescinded earlier guidance regarding cryptocurrencies in 401(k) plans. On May 28, the Department of Labor withdrew its 2022 guidance, which urged fiduciaries to be "extremely cautious" when considering the inclusion of cryptocurrencies in 401(k) retirement plans.
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Original article: “White House: Trump to Allow U.S. 401(k) Retirement Plans to Invest in Cryptocurrencies”
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