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ARTICLE · 20 AUGUST 2025

Executive Order Seeks To Expand Access To Crypto And Private Investments In Defined-Contribution Plans

Ballard Spahr LLP
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On August 7, 2025, President Trump issued an executive order (the Order) instructing federal agencies to expand access to alternative asset investments for participants in defined-contribution retirement plans...

United StatesTechnology
Kara Backus
Kara Backus
Brian M. Pinheiro
Brian M. Pinheiro
Uchenna Osagiede
Uchenna Osagiede
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On August 7, 2025, President Trump issued an executive order (the Order) instructing federal agencies to expand access to alternative asset investments for participants in defined-contribution retirement plans such as 401(k) and 403(b) plans. The Order proposes to offer plan participants access to digital assets (more commonly known as "cryptocurrency"), equity and debt of private companies, and direct investments in real estate, among other alternative investments. This Advisory provides a high-level summary of the new policy directive.

Background

Plan fiduciaries are required under the Employee Retirement Income Security Act of 1974 (ERISA), as amended, to act prudently and in the sole interest of plan participants when evaluating the potential risk, return, and expense of each investment option. In a plan that offers participants the ability to direct the investment of their accounts (like most 401(k) and 403(b) plans), fiduciaries must offer participants a

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