Bitcoin's price rose above $117,500 after hitting a local minimum of $114,278. This rebound follows President Trump signing an executive order permitting cryptocurrencies in 401(k) retirement accounts. The order mandates the Department of Labor to review fiduciary guidance and facilitate diversified funds including alternative investments. Collaboration with federal regulators aims to assess necessary regulatory updates. The SEC is instructed to revise rules for enhanced access to digital assets. The initiative seeks to provide American workers with diverse investment opportunities for improved retirement outcomes, potentially leading to substantial capital influx into crypto.
The order directs the Department of Labor to revisit its current guidance on fiduciary responsibilities in ERISA-governed plans and clarify the appropriate process for offering diversified funds that include alternative investments.
President Trump wants to give American workers more investment options in order to attain stronger and more financially secure retirement outcomes. Alternative assets, such as private equity, real estate, and digital assets, offer competitive returns and diversification benefits.
Galaxy Digital CEO Mike Novogratz underscored the impact of this, stating that a monster pool of capital will get exposure to Bitcoin and crypto as a result of Trump's executive order.
President Trump promised to make the United States the 'crypto capital of the world,' emphasizing the need to embrace digital assets to drive economic growth and technological leadership.
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