Trump eyes executive order to open up retirement funds to crypto: FT

Key Points

1. White House spokesman Kush Desai stated that no decisions should be considered official unless directly announced by President Trump.

2. Reports suggest President Trump may sign an executive order allowing 401(k) retirement plans to include cryptocurrencies, potentially broadening investment options.

3. The US Labor Department previously limited cryptocurrency inclusion in 401(k) plans, while Fidelity has already enabled crypto investments in such plans.

4. Standard 401(k) plans typically focus on mutual funds, ETFs, stocks, and bonds, holding $8.9 trillion in assets as of September 2024.

5. Some states, like North Carolina, have introduced bills to allow state retirement funds to invest in cryptocurrencies like Bitcoin.