President Donald Trump on Thursday signed an executive order instructing the Department of Labor to reassess guidance that limits 401(k) plans to traditional investments such as stocks and bonds. The directive, issued 7 August, targets rules rooted in the Employee Retirement Income Security Act and requires the department to produce updated language within 180 days. If carried out, the review would clear the way for plan sponsors to offer exposure to private equity, private credit, real-estate funds, commodities and cryptocurrencies. The order also calls on Treasury, the Securities and Exchange Commission and other regulators to consider parallel rule changes, signalling a broad shift in U.S. retirement-savings policy. Asset managers have long sought access to the nation’s defined-contribution market—valued at about $12.2 trillion, according to the Investment Company Institute. Executives at firms such as Blackstone, KKR and crypto-focused providers hailed the move, while Bitcoin briefly traded near $116,000 and Ether approached $3,900 following the announcement, reflecting expectations of new demand. Critics, including consumer groups and some academics, warn that higher fees, illiquidity and price volatility could erode retirement returns if alternative assets become widespread in 401(k)s. The impact will depend on how the Labor Department addresses fiduciary standards and disclosure requirements when it releases its formal guidance early next year.