In August 2025, the United States witnessed a significant transformation in the pension investment sector. That month, President Trump signed an executive order that officially allowed 401(k) retirement savings plans to include alternative assets such as Crypto Assets, private sale equity, and real estate. This decision is seen as a disruptive reform to the traditional pension investment framework, not only opening up vast market space for the alternative asset management industry but also sparking heated discussions on how to protect the rights of ordinary investors.

Since the emergence of the 401(k plan in the 1980s, its investment strategy has primarily focused on publicly traded assets such as stocks and bonds. This "low-risk, high liquidity" characteristic aligns closely with the retirement savings needs of the working class. However, the Trump administration broke this long-standing practice under the guise of "enhancing return potential." According to the new policy, the Department of Labor will reevaluate guidelines for alternative asset investments and clarify the scope of fiduciary responsibilities, removing legal barriers for pension management organizations.

In fact, even before the formal introduction of the policy, related trends had already emerged in the market. In June 2025, BlackRock, the world's largest asset management firm, announced plans to launch target date funds that include 5%-20% private sale market assets in 2026. Meanwhile, the second largest service provider, Empower, also stated that it would collaborate with Apollo Group to pilot private sale allocations in certain accounts.

It is worth noting that the Trump family's deep involvement in this field also reflects a policy inclination. It is reported that their enterprises have already purchased over $2 billion in Bitcoin and plan to issue stablecoins, closely tying personal business interests to the Crypto Assets market.

The introduction of this policy undoubtedly brings significant opportunities to the alternative asset market. The Crypto Assets and private sale markets reacted swiftly, and the market atmosphere is jubilant. However, amidst the cheers, we should also be vigilant about the potential risks. Alternative assets often have higher volatility and liquidity risks, which may pose greater investment challenges for ordinary investors lacking professional knowledge.

Therefore, while broadening investment channels, how to strengthen investor education and improve risk management mechanisms will become key issues in the process of policy implementation. In the future, we need to find a balance between pursuing higher returns and protecting investors' interests, to ensure that the 401)k( plan can truly achieve its original intention of retirement security.