Rep. Troy Downing (R-Mont.) introduced the Retirement Investment Choice Act, a bill designed to turn President Donald Trump’s Executive Order 14330 into law. The proposal, drafted on Oct. 14, seeks to “democratize access” to alternative investments, including digital assets, for 401(k) savers across the United States.
Signed on Aug. 7, Trump’s order directs the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) to reduce regulatory barriers that currently prevent retirement plans from including alternative assets such as private equity, real estate, and cryptocurrencies.
“Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement,” Downing said. “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.”
Reps. Byron Donalds (R-Fla.), Warren Davidson (R-Ohio), Marlin Stutzman (R-Ind.), Buddy Carter (R-Ga.) and Barry Moore (R-Ala.) cosponsored the bill.
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“ASA applauds Rep. Downing’s leadership in Congress to codify President Trump’s 401(k) Executive Order into law, which will expand investment opportunities for every American retirement saver and retiree,” said ASA President and CEO Chris Iacovella.
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Legal framework for digital assets
The latest wave of digital asset initiatives signals a turning point in U.S. policy toward blockchain innovation and crypto adoption. On Oct. 14, New York City Mayor Eric Adams issued an executive order to set up a dedicated Office of Digital Assets and Blockchain Technology.
Lawmakers like Sen. Cynthia Lummis (R-Wyo.) have also been calling for a Strategic Bitcoin Reserve as a tool for financial resilience and fiscal accountability.