Trump signs executive order allowing 401(k) retirement plans to invest in cryptocurrencies

Former US President Trump signed an executive order on Thursday directing the Department of Labor to pave the way for the introduction of alternative assets such as cryptocurrencies and private equity into 401(k) retirement plans.

The order also requires federal agencies such as the Securities and Exchange Commission (SEC) and the Treasury Department to cooperate in implementation and consider adjusting the definition of "accredited investor" to expand investment channels.

This is one of several crypto-related executive orders signed by Trump since taking office, following his previous push for the establishment of a strategic Bitcoin reserve.

Market analysts say this move is expected to provide retirees with more asset allocation options and marks the Trump administration's continued push to mainstream digital assets.