President Trump today issued an executive order directing Secretary of Labor Lori Chavez-DeRemer to explore allowing the use of cryptocurrency and other alternative assets in 401(k) plans.
According to the White House, the order directs the secretary to reexamine the Department of Labor’s guidance on a fiduciary’s duties regarding alternative asset investments in ERISA-governed 401(k) and other defined-contribution plans. (The department recently revised its 2022 guidance on the availability of cryptocurrency investments in 401(k) plans.) The order also directs the secretary to consult with the Treasury Secretary Scott Bessent, the Securities and Exchange Commission, and other federal regulators to determine whether “parallel regulatory changes” should be made to implement the order.
Finally, the order directs the SEC to facilitate access to alternative assets for participant-directed defined-contribution retirement savings plans by revising applicable regulations and guidance.
