Update (1545ET): Confirming the earlier rumors, President Trump signed an executive order easing access to private equity, real estate, cryptocurrency and other alternative assets in 401(k)s.

The order directs the Labor Department to reevaluate guidance around alternative asset investments in retirement plans and clarify the government's position on fiduciary responsibilities.

Trump also required Labor Secretary Lori Chavez-DeRemer to work with counterparts at the Treasury Department, Securities and Exchange Commission and other federal regulators to determine whether rule changes should be made to assist in the effort. The SEC is asked to facilitate access to alternative assets for participant-directed retirement plans.

This is obviously a major victory for industries looking to tap some of the roughly $12.5 trillion held in those retirement accounts.

BTC and ETH are rallying further on the news...