历史性时刻！特朗普将签署行政令，允许401K账户投资加密货币、私募基金等其他另类投资

Core Viewpoint - The article discusses President Trump's upcoming executive order that will allow alternative assets such as private equity, real estate, and cryptocurrencies to be included in 401(k) retirement savings plans, potentially opening up approximately $12.5 trillion in retirement account funds to these industries [1][2][3]. Group 1: Executive Order Details - The executive order will instruct the Department of Labor to reassess the guidelines regarding alternative asset investments in retirement plans as stipulated by the Employee Retirement Income Security Act of 1974 [2]. - The order will also clarify the government's fiduciary responsibilities when offering asset allocation funds that include alternative investments [2]. - The Labor Secretary will collaborate with federal regulatory agencies, including the Treasury and the SEC, to determine if modifications to existing rules are necessary [2]. Group 2: Market Implications - This initiative is seen as the largest move by the Trump administration to introduce private assets into defined contribution accounts and is a significant part of efforts to promote the cryptocurrency industry [3]. - The asset management industry views this as a new opportunity, as the current retirement investment portfolios are primarily focused on stocks and bonds, limiting exposure to less liquid and complex products [4]. - The move is expected to attract both alternative and traditional asset management firms to the defined contribution market, which is seen as the next frontier for growth [4]. Group 3: Potential Benefits and Risks - Allowing private market products in 401(k) plans will provide savers with more investment options and the potential for greater returns, although it may also introduce higher risks and costs [6]. - The initiative aligns with Trump's broader strategy to support the cryptocurrency sector, which includes recent actions such as hosting a "Crypto Week" and signing federal stablecoin regulation [7]. - The argument presented by asset management firms is that the shrinking public market has led to retirement portfolios that do not reflect changes in the financial industry, with private equity assets having more than doubled over the past decade [7].