Odaily Planet Daily reported that U.S. Republican Congressman Troy Downing will introduce a new bill called the Retirement Investment Choice Act on Tuesday, which aims to legislate the executive order previously signed by President Trump to include cryptocurrencies and private equity in the investment scope of 401(k) retirement plans.

The bill was co-sponsored by four Republican senators, including Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore. Downing said the move would allow more American savers to access high-potential alternative assets. Previously, the Biden administration had been cautious about incorporating crypto assets into retirement plans.