The price of the leading cryptocurrency has surpassed $117,000. This surge followed the signing of a new executive order on pension savings by U.S. President Donald Trump.
The document instructs the Department of Labor to prepare conditions for the inclusion of cryptocurrencies, private equity, and other alternative assets in 401(k) pension plans.
The execution of the order is entrusted to the Department of Labor, the Securities and Exchange Commission (SEC), and the Treasury Secretary.
The SEC is tasked with exploring the possibility of simplifying access for pension plan participants to alternative assets, including a potential review of accredited investor requirements.
The White House stated that over 90 million Americans participate in defined contribution pension plans. Most of them cannot invest in alternative assets. The Trump administration believes this hinders savings growth.
At the time of writing, the price of Bitcoin has corrected to $116,527 (+1.7% for the day), according to CoinGecko.
Order Against Choke Point 2.0
Trump also signed a document prohibiting regulators from pressuring financial institutions that serve cryptocurrency companies.
The White House described the crypto industry as one of the victims of unwarranted banking restrictions. The Trump administration stated that it has already ended the Choke Point 2.0 initiative, which hindered companies’ access to financial services.
Authorities stated that the order was a response to systemic abuses by banks.
Back in July, the president signed the GENIUS Act, which establishes rules for stablecoins and is the first significant regulatory act for the crypto industry in the country.
Later, CFTC launched an initiative to legalize spot trading of digital assets on registered exchanges. In turn, the SEC updated its guidance on the accounting rules for “stablecoins.”