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- Troy Downing has introduced a bill to turn Trump’s order into law, sparking optimism that trillions in retirement savings could soon include digital assets.
- Trump issued an executive order directing regulators to explore allowing 401(k) investments in crypto and other alternative assets.
U.S. Representative Troy Downing introduced a new bill on Tuesday called The Retirement Investment Choice Act. The legislation aims to formally enshrine Donald Trump’s executive order that directed the Labor Department to clear a path for cryptocurrency and private equity investments within 401(k) retirement plans.
Four Republican lawmakers back the proposal. Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore, signaling strong support from within the party. What makes this move particularly notable is that it comes in the middle of the ongoing U.S. government shutdown, now in its 14th day.
Even with much of the federal government partially closed, Congress retains the ability to introduce and debate legislation. If passed, this bill could bring a change in how Americans manage and diversify their retirement portfolios, potentially opening the door for digital assets and alternative investments.
Congressman Downing said:
Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement. I applaud President Trump for his leadership to democratize finance and am proud to be leading the effort in Congress to codify his EO and enshrine this move for generations to come,
Trump’s Executive Order
On August 7, U.S. President Donald Trump signed an executive order designed to open the door for 401(k) retirement savers to invest in alternative assets like private equity, real estate, and cryptocurrencies.
According to the Investment Company Institute’s (ICI) data from September, Americans had accumulated roughly $9.3 trillion in their 401(k) retirement accounts as of June 30 this year.
This represents a massive pool of capital that has, until now, been largely excluded from alternative investments such as cryptocurrency, private equity, and real estate. For years, heavy regulation and fear of legal liability have made fiduciaries hesitant to offer these options, leaving retirees with fewer ways to potentially boost their returns.
In May, the U.S. Department of Labor formally rescinded a 2022 guidance, Compliance Assistance Release No. 2022-01, that had urged fiduciaries overseeing 401(k) plans to exercise “extreme care” before including cryptocurrencies in their investment menus.
By rescinding that guidance, the Department restored a “neutral stance” on cryptocurrency, neither endorsing it nor discouraging its inclusion in retirement plans
Then, in September 2025, about a month after Trump signed the executive order, nine U.S. lawmakers, including Troy Downing, sent a joint letter to SEC Chair Paul Atkins.
In the letter, they urged the SEC to accelerate the implementation of Trump’s order, framing the move as helping the “90 million Americans currently restricted from investing in alternative assets” to achieve more dignified, diversified retirement outcomes.
The move has sparked optimism in the crypto space, but it’s important to remember that alternative assets can be far more volatile, less transparent, and often come with higher fees, factors that could expose everyday savers to increased financial risks.
This tension between opportunity and caution is now at the center of the debate over the future of retirement investing in America.
