President Donald Trump is preparing to sign an executive order that would allow U.S. 401(k) and other defined-contribution retirement plans to invest in private equity, cryptocurrencies, gold and additional alternative assets, according to reports from the Wall Street Journal and the Financial Times. The draft order, which could be signed as soon as this week, would instruct the Labor Department and the Securities and Exchange Commission to issue guidance clearing the way for employers and plan administrators to add private-market and digital-asset options to retirement menus that currently focus on publicly traded securities. U.S. 401(k) accounts hold an estimated $9 trillion to $12.4 trillion, creating a potentially significant new pool of capital for alternative-investment managers such as Blackstone, Apollo Global Management and Blue Owl Capital. Proponents say the measure would broaden diversification, while critics point to the higher fees, lower liquidity and valuation opacity associated with private assets. The move would revive a 2020 Labor Department stance that was reversed under President Joe Biden and is likely to face scrutiny from consumer advocates and some lawmakers. The White House has not commented on the timing or final terms of the order, which remains under internal review.