Trump to Sign Order Allowing Crypto in 401(k)s
U.S. President Donald Trump plans to sign an executive order allowing cryptocurrency, private equity, and real estate in 401(k) plans. This directive aims to instruct the Department of Labor to relax fiduciary restrictions on plan administrators.
Key points include:
- Bitcoin's price surged from $114,900 to $15,670 following the announcement.
- The rally indicates renewed speculative momentum despite Bitcoin still being below the $120,000 level reached last month.
- Increased open interest and trading volume were noted in derivatives markets.
- Concerns exist regarding oversight of cryptocurrencies in retirement plans, as the Department of Labor reportedly lacks sufficient data.