"The investment of American retirement funds may face huge changes, as Trump signs an order paving the way for 401 to include cryptocurrency and other assets."

President Donald Trump signed an executive order aimed at allowing private equity, real estate, cryptocurrencies, and other alternative assets to be included in 401 plans. This is seen as a major victory for the industry looking to tap into retirement accounts worth around $12.5 trillion. The White House announced that Trump signed the executive order on Thursday. The order directs the Department of Labor to reevaluate within six months the guidelines on alternative asset investments in retirement plans constrained by the Employee Retirement Income Security Act of 1974. The Department of Labor will also be responsible for clarifying the government's position on the fiduciary responsibility of asset allocation funds that include alternative holdings. Trump also instructed Labor Secretary Lori Chavez-DeRemer to work with officials from the Treasury Department, the Securities and Exchange Commission, and other federal regulatory agencies to determine if rules should be modified to assist in this effort. The president directed the SEC to provide convenience in including alternative assets for participant-directed retirement plans. This is the largest move by the Trump administration so far to include relevant assets in fixed contribution accounts.