Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth

Trump's personal business interests include firms involved with crypto and investment accounts. The Department of Labor in May rescinded guidance from 2022 that urged firms to exercise "extreme care" before adding crypto to investment menus in retirement accounts.

President Donald Trump signed an executive order allowing private equity, venture capital and hedge funds in retirement accounts, reversing a Biden administration policy.