Overview

• President Trump signed an executive order on August 7 directing federal regulators to broaden 401(k) menus to private equity, real estate and cryptocurrencies.
• The Labor Department, Treasury and SEC have been instructed to revise ERISA guidance and fiduciary standards, launching a rulemaking process expected to take several months.
• Major asset managers such as Blackstone, KKR and Apollo are gearing up to offer retirement products featuring alternative assets, while crypto platforms anticipate new retail inflows.
• Bitcoin jumped roughly 2% after the order, briefly topping $116,000 as investors bet on wider crypto access through employer-sponsored plans.
• Critics and legal experts warn that illiquid holdings carry higher fees, volatility and potential liability risks for plan administrators.