President Donald Trump is planning to issue an executive order that will allow cryptocurrencies to be included in U.S. retirement plans, according to a report published Thursday.

What Happened: The executive order is expected to be signed this week, the Financial Times reported, citing three sources familiar with Trump’s plans, allowing 401(k) plans to diversify their investments beyond traditional stocks and bonds.

The proposed investments span a wide range of asset classes, including digital assets, metals, and funds focused on corporate takeovers, private loans, and infrastructure deals.

The executive order will instruct regulatory agencies to identify and address the remaining barriers that prevent such alternative investments from being included in professionally managed funds used by 401 (k) savers.

The White House didn’t immediately return Benzinga’s request for confirmation.

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Why It Matters: This report follows the Labor Department’s decision in May to lift restrictions that previously discouraged the inclusion of cryptocurrencies, such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), in 401(k) retirement plans.

The Department rescinded a Biden-era guidance that had urged plan fiduciaries to exercise "extreme care" before adding cryptocurrency to investment menus, going back to its "historically neutral" position on such investments.

The Wall Street Journal, meanwhile, also reported that Trump was preparing to sign an executive order allowing for private equity investments in 401(k) plans.

A 401(k) is a retirement savings plan sponsored by an employer that allows employees to save and invest a portion of their salary before taxes are taken out.

Americans held $12.2 trillion in all employer-based DC retirement plans on March 31, of which $8.7 trillion was held in 401(k) plans, according to the Investment Company Institute.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.