President Donald Trump’s August 7, 2025 executive order did not automatically add crypto, real estate, or other alternative investments to every 401(k). It directs federal agencies to consider ways to facilitate access, while leaving any investment decision to the relevant plan fiduciary. The Department of Labor (DOL) later announced a proposed rule on selecting investment options; the announcement does not establish that the proposal became final or took effect.
What Executive Order 14330 does—and does not do
Executive Order 14330, titled “Democratizing Access to Alternative Assets for 401(k) Investors,” was signed on August 7, 2025. It directs the Labor Secretary to review DOL guidance on ERISA fiduciary duties involving asset-allocation funds that include alternative assets, consider rescinding a 2021 supplemental statement about private equity, and clarify the fiduciary process. It also directs the Securities and Exchange Commission, in consultation with the Labor Secretary, to consider ways to facilitate access in participant-directed defined-contribution plans, potentially including changes to rules or guidance on accredited-investor and qualified-purchaser status. Read Executive Order 14330.
The order’s policy is conditional: access should be available when the relevant plan fiduciary determines it offers an appropriate opportunity to enhance participants’ and beneficiaries’ net risk-adjusted returns. It also calls for careful vetting of private offerings, including the capabilities and experience of investment managers. It does not create an individual right to demand a new option from an employer’s plan, and it must be implemented consistently with applicable law.
What counts as an alternative asset under the order?
The order includes six broad categories. Its definition does not mean a participant would necessarily own an asset directly: for example, it refers to holdings in actively managed investment vehicles that invest in digital assets, not a universal requirement or authorization for direct cryptocurrency ownership.
- Private-market investments.
- Direct or indirect real-estate interests, including related debt.
- Holdings in actively managed investment vehicles that invest in digital assets.
- Commodities.
- Infrastructure-financing projects.
- Lifetime-income strategies, including longevity risk-sharing pools.
What has changed since the order was signed?
DOL rescinded its 2021 supplemental statement
On August 12, 2025, DOL announced that it had rescinded its December 21, 2021 supplemental statement on alternative assets. The department said investment decisions should be assessed in context, based on relevant facts and circumstances. The rescission was an agency action; it did not itself require plans to offer alternative investments. DOL’s August 12, 2025 announcement.
DOL announced a proposed selection rule
On March 30, 2026, DOL announced a proposed rule concerning fiduciary duties when selecting designated investment alternatives. The announcement says the proposal addresses asset-allocation funds containing alternative assets and identifies performance, fees, liquidity, valuation, benchmarks, and complexity as factors fiduciaries should consider. Because the announcement describes a proposal, it should not be treated as proof that a final or effective rule is in place. DOL’s March 30, 2026 announcement.
Rulemaking can advance or change after an announcement. For the latest status, check the relevant Federal Register entry and DOL rulemaking materials rather than assuming the proposal is now binding.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Will your 401(k) offer crypto or real estate?
That depends on your plan’s investment menu and the decisions of its fiduciaries, not simply on the executive order. DOL’s general ERISA guidance says fiduciaries select investments for participants who do not direct their contributions, and plans must provide a broad range of investments with information to help participants make decisions. It does not say every plan must add alternative assets. DOL’s retirement plans and ERISA FAQ.
To see what is available to you, review your plan’s investment menu and related disclosures or ask your plan administrator. If an alternative-asset option appears, evaluate the actual investment and its terms rather than relying on the category name. Relevant considerations identified by DOL in its proposed-rule announcement include:
- Fees and total expenses: Review the costs charged by the investment and any underlying vehicles.
- Liquidity: Understand how and when the investment can be bought, sold, or valued, and whether restrictions apply.
- Valuation: Consider how frequently and by what method the holdings are priced.
- Performance and benchmarks: Look at the performance measure and benchmark used, and whether they are relevant to the investment.
- Complexity: Make sure you understand the structure, risks, and terms before choosing an option.
The order does not establish that any particular alternative investment is suitable for a particular worker or plan.
Quick Recap
Why the headline’s “opens 401(k)s” wording needs a qualification
The White House said in its August 7, 2025 fact sheet that more than 90 million Americans participate in employer-sponsored defined-contribution plans. That is the White House’s 2025 figure, not a newly measured or independently verified count. The order signals a policy effort that could affect how access is considered, but the order’s own language leaves the decision to plan fiduciaries and applicable law. White House fact sheet.
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