Bloomberg: The White House will allow 401(k) investments in cryptocurrency, Blackstone expects large private equity firms to dominate the market

ChainCatcher news, according to Bloomberg, the White House is preparing an executive order that will provide legal protections for 401(k) retirement plan managers, allowing them to include private market funds, cryptocurrencies, and other alternative assets in their investment options.

Blackstone Inc. President Jon Gray stated that once the U.S. paves the way for 401(k) plans to expand into investment areas beyond stocks and bonds, leading firms in the alternative asset industry are most likely to benefit. This move will bring significant changes to the U.S. retirement savings market, providing ordinary investors with more diversified investment channels, while also potentially creating new business growth opportunities for large private equity management firms.