A new legislative effort has been launched in the U.S. House of Representatives to make President Donald Trump’s recent Executive Order 14330 a permanent law. The order, issued on August 7, mandates that all Americans saving for retirement should be eligible for 401(k) funds that include alternative assets, such as cryptocurrencies, when deemed appropriate by a plan fiduciary.
The Push for Permanence
- The Bill: Representative Troy Downing introduced a draft bill to the House Financial Services Committee, seeking to codify the executive order into law.
- Why a Bill is Needed: An executive order can be reversed by future leaders or courts. For the policy—which includes allowing private market investments, real estate, commodities, and digital assets in 401(k)s—to become permanent, it must be approved by both chambers of Congress and signed into law.
- Ongoing Review: The executive order requires the Department of Labor, the SEC, and the Treasury Secretary to review the order and provide prioritized guidance for 401(k) plans within six months.
Context and Controversy
The push to include alternative assets in retirement accounts has been gaining momentum, driven by the size of the U.S. retirement market, which held approximately $9.3 trillion in 401(k) accounts as of June 30.
- Political Reversal: The Trump order sparked controversy by effectively withdrawing the Biden administration's previous guidance to fiduciaries, which had encouraged "extreme caution" regarding crypto exposure in retirement plans.
- Congressional Support: Nine members of Congress recently wrote to SEC Chair Paul Atkins, urging the agency to accelerate the implementation of the order to benefit the 90 million Americans who are currently "locked out" of investing in alternative assets.
- Industry Optimism: Proponents, such as Bitwise's head of European research, see the integration of cryptocurrency into U.S. retirement plans as a potential "game-changer for Bitcoin adoption," possibly introducing billions of dollars in new investment.
The bill was introduced despite the ongoing U.S. government shutdown, as Congress can continue to discuss legislation during a funding gap.
October 2025, Cryptoniteuae