July 18, 2025
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8:50Now PlayingUS Securities and Exchange Commission Chairman Paul Atkins says the commission’s Crypto Task Forced is focused on making “clear rules” for cryptocurrencies following the passage of the first-ever federal legislation for stablecoins. Atkins also discusses the potential for private assets and alternative investments in 401(k) retirement plans and the independence of the SEC.
President Donald Trump's expected executive order encouraging retirement funds to invest in closely-held companies could give private capital firms access to the trillions of dollars in retail capital they've sought. With IPOs declining, continuation funds rising and Harvard and Yale announcing multibillion-dollar reductions in private-fund exposure, signs of a liquidity crunch are emerging as investments are exited. Letting retirement funds participate could ease that pressure. Though 401(k)'s hold about $9 trillion, the broader US retirement market exceeds $44 trillion.
If even a small share of that shifts into private markets, firms like Blackstone, KKR, Sequoia Capital and Andreessen Horowitz could see a major capital influx, potentially reshaping private-fund liquidity and valuations
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