President Donald Trump signed an executive order Thursday to allow cryptocurrencies, private equity and real estate into 401(k)s, a senior White House official said.

The order directs the U.S. Secretary of Labor to create fiduciary guidance on private market investments in 401(k)s and other defined-contribution plans governed by the Employee Retirement Income Security Act of 1974. The law sets standards for retirement plans.

It was first reported by Bloomberg News.

The alternative asset industry has pushed for greater adoption of private assets in defined-contribution plans during recent months. The private equity and credit industry want access to the more than $12 trillion market in defined-contribution workplace savings plans.

There is no law banning plan sponsors from offerin

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