For decades, the investment elite have enjoyed a secret: alternative assets deliver superior returns. While ordinary Americans watched their 401(k)s stagnate in index funds, endowments and sovereign wealth funds quietly reaped gains from private equity, venture capital, and—lately—digital assets. President Trump’s Executive Order 14330, “Democratizing Access to Alternative Assets for 401(k) Investors” (Aug. 7, 2025), finally tears down that wall, giving working Americans the same opportunities long hoarded by the wealthy.

Leveling the Field

The reform works on three levels: federal directive, state legislation, and congressional codification. At the federal level, Trump’s order directed the Department of Labor to lift Biden-era restrictions that effectively banned cryptocurrencies from retirement accounts under the guise of “extreme care.”

States responded swiftly. Arizona, New Hampshire, and Texas legalized modest Bitcoin allocations in early 2025. North Carolina proposed allowing up to five percent of its $127 billion retirement fund—$6.35 billion—to flow into Bitcoin ETFs. Michigan already holds $11.4 million in Bitcoin exposure, and Wisconsin disclosed $164 million in spot ETF holdings.

Florida’s House Bill 183, filed for the 2026 session, is the boldest initiative yet. It would authorize the State CFO to invest up to 10 percent of public funds—including the $218 billion Florida Retirement System Trust Fund—in digital assets. Even a 1 percent allocation would add $2.2 billion to Bitcoin markets; 5 percent would exceed $11 billion. The bill imposes strict custody and compliance requirements, limiting holdings to qualified custodians or SEC-registered ETFs. It cites Trump’s earlier Executive Order 14233 establishing a Strategic Bitcoin Reserve, defining Bitcoin as a store of value and inflation hedge.

In Congress, Rep. Troy Downing’s Retirement Investment Choice Act seeks to codify the reform permanently, shielding it from future reversals. Senate........

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