On August 8, 2025, U.S. President Trump signed an executive order allowing alternative assets such as private equity, real estate, and cryptocurrencies to enter 401(k) retirement savings plans, opening the door to approximately $12.5 trillion in retirement account funds for these industries. The executive order directs the Securities and Exchange Commission (SEC) to revise relevant regulations to facilitate alternative asset investments for participant-directed defined contribution retirement savings plans. Previously, such retirement plans typically invested in relatively safe stocks and bonds.

Commentary: Since taking office in 2025, Trump has rapidly advanced policy deregulation in the cryptocurrency sector, including establishing a presidential-level digital assets working group, signing an executive order to create a "strategic Bitcoin reserve," signing the first federal stablecoin regulatory law, and shifting toward settlements with the cryptocurrency industry in regulatory enforcement. This move to allow 401(k) accounts to invest in cryptocurrencies represents an important initiative in promoting the development of the cryptocurrency industry, catering to the interests of the U.S. private equity and asset management sectors, and aligning with the current administration's policy tone of promoting "financial choice liberalization." However, on the other hand, investing in alternative assets also amplifies risks related to investor protection. If regulatory details fail to establish sufficient suitability assessments, risk disclosure, and fee transparency mechanisms, and if relevant parties such as employers, plan fiduciaries, or asset management institutions fail to exercise due diligence, this could trigger legal disputes including class action lawsuits.