Trump Executive Order Expands Crypto Access for 90M Americans, Says White House Crypto Czar

David Sacks, White House Crypto Czar, says President Donald Trump’s new executive orders will grant over 90 million Americans access to digital assets through their retirement accounts.  According to David Sacks, the executive order signed yesterday, August 7, also includes a ban on banking discrimination based on political or religious grounds. Bitcoin and Crypto in Retirement Accounts One of the executive orders, titled “Democratizing Access to Alternative Assets for 401(k) Investors,” enables workers in the private sector to include alternative assets like cryptocurrencies in their 401(k) retirement plans. https://twitter.com/davidsacks47/status/1953573960865788065 Previously, this level of investment flexibility was largely reserved for government employees, who had access to a broader range of asset classes. Sacks mentioned that the policy change aims to level the playing field for over 90 million American workers. He noted that by expanding access to digital assets within retirement accounts, the administration is opening the door to greater portfolio diversification and potentially stronger long-term returns. Notably, the order directs the Department of Labor to review its guidance on fiduciary duties under ERISA and coordinate with the Treasury and SEC to align related regulations. The order also tasked the SEC with revising rules to improve access to these assets in defined-contribution plans. Senator Cynthia Lummis praised the move, calling it a historic day for digital assets and highlighting that millions of Americans can now strengthen their financial futures by including cryptocurrencies in their 401(k) plans. Ending Political Bias in Banking The second executive order focuses on eliminating bias in the banking system by prohibiting financial institutions from refusing services based on an individual’s political views, religious beliefs, or involvement in lawful business activities. The directive responds to past concerns over politically motivated financial restrictions, including high-profile cases where some business executives accused banks of closing accounts due to ideological differences in what many call Operation Chokepoint 2.0. With the new directive, the Trump administration seeks to end such practices and ensure equal access to banking services across all ideologies. What This Means for Bitcoin and Crypto Industry watchers see the orders as a step toward stronger protections for digital finance and broader acceptance of crypto in traditional financial systems. Galaxy Digital CEO Mike Novogratz says Donald Trump’s support for crypto in 401(k) plans could trigger major capital inflows into Bitcoin and the broader digital asset market. Novogratz noted that making crypto accessible through familiar retirement platforms like Fidelity could open the door for both retail and institutional investors to enter the space through regulated, tax-advantaged channels. Crypto trader Satoshi Flipper noted that even a 5% shift of the $12 trillion held in 401(k) accounts into Bitcoin and Ethereum could inject $600 billion into the crypto market, highlighting the massive liquidity potential unlocked by the new policy. Meanwhile, political economist Crypto Seth is very bullish following the executive order. He suggested that if just 1% of 401(k) funds, about $122 billion, flows into Bitcoin starting at $116,000, the price could surge to between $177,000 and $271,000, depending on market multipliers. Notably, Bitcoin is trading at $116,565, a 1.8% increase in the past day. Ethereum is also surging to the $4,000 mark, currently trading at $3,903, a 5.9% rise in the past day. Away from the positive sentiments, Peter Schiff criticized the policy, arguing that allowing Americans to invest their limited retirement savings in Bitcoin and other cryptocurrencies will worsen an already serious retirement crisis. https://twitter.com/PeterSchiff/status/1953578755404013714