By KEN SWEET, Associated Press

NEW YORK (AP) — Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions.

There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

The Republican president’s order directs the Labor Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules.

President Donald Trump holds up the signed document after signing the GENIUS Act, a bill that regulates stablecoins, a type of cryptocurrency, in the East Room of the White House, Friday, July 18, 2025, in Washington. (AP Photo/Evan Vucci)

Americans’ retirement plans are governed by a law known as the Employee Retirement Income Security Act of 1974, better known as ERISA. Employers are required by law to offer retirement options that are in the best interest of their employees, not Wall Street. Most retirement plans for Americans are made up of stock and bond investments, and to a much lesser extent, cash and heavily traded commodities such as gold.

Trump’s move rewards both the $5 trillion private equity industry, which for decades has wanted to compete for a role in retirement plans, and the cryptocurrency industry, whose executives strongly supported Trump’s 2024 campaign as they aimed for more mainstream acceptance among Americans.

The price of bitcoin was up 2% on Thursday to $116,542 and has nearly doubled since Trump was elected.

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Under Democratic President Joe Biden, federal regulators were to treat cryptocurrency investments with “extreme care” because of the extreme volatility of crypto. It is not uncommon for bitcoin, ethereum and other big cryptocurrencies to move up or down 10% in a single day, whereas a 2% or 3% single-day move in the stock market would be considered historic.

For cryptocurrency companies, which donated millions to Trump’s campaign as well as his inauguration, one goal was to get their industry qualified under ERISA. Coinbase, one of the largest crypto companies in the United States, was also a major donor toward Trump’s military parade in Washington this summer. Under Trump, the Securities and Exchange Commission dropped its lawsuit against Coinbase where the Biden administration said crypto should be treated as a security.

Crypto is particularly popular among young Americans. While volatile, bitcoin has generally moved upward since it was created by an anonymous programmer nearly 20 years ago.

““It was inevitable that bitcoin would make its way into American 401(k)s,” said Cory Klippsten, the CEO of Swan Bitcoin. “As fiduciaries realize Bitcoin’s risk-adjusted upside over the long term, we’ll see growing allocations, especially from younger, tech-savvy workers who want hard money, not melting ice cubes.”

Private equity firms rely heavily on high-net worth individuals and state and private pension plans, which have extremely long investing timelines. But having access to Americans’ retirement assets would open up a deep pool of cash.

Blackstone CEO Steve Schwarzman has told investors going back to at least 2017 that it was a “dream” of his and the industry to be able to draw upon these retirement assets. Previous administrations, Republican and Democrat, have agreed that private equity investments, which can be riskier, more expensive and less liquid than traditional stock and bond market mutual funds, should not be included in 401(k) plans.

By DAVID FISCHER, Associated Press

MIAMI (AP) — A federal judge on Thursday ordered a temporary halt to construction at an immigration detention center — built in the middle of the Florida Everglades and dubbed “Alligator Alcatraz” — as attorneys argue whether it violates environmental laws.

The facility can continue to operate and hold detainees for U.S. Immigration and Customs Enforcement, but workers will be barred from adding any new filling, paving or infrastructure for the next 14 days. U.S. District Judge Kathleen Williams issued the ruling during a hearing and said she will issue a written order later Thursday.

Environmental groups and the Miccosukee Tribe have asked Williams to issue a preliminary injunction to halt operations and further construction. The suit claims the project threatens environmentally sensitive wetlands that are home to protected plants and animals and would reverse billions of dollars’ worth of environmental restoration.

Plaintiffs presented witnesses Wednesday and Thursday in support of the injunction, while attorneys for the state and federal government were scheduled to present next week.

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Following Thursday’s testimony, Paul Schwiep, an attorney for the environmental groups, asked Williams to issue a temporary restraining order that would at least prevent any new construction at the site while the preliminary injunction was argued.

Williams asked Florida attorney Jesse Panuccio if the state would agree to halt construction so that she wouldn’t need to issue the restraining order. She pointed out that anything built at the site would likely remain there permanently, regardless of how the case was ultimately decided.

Panuccio said he couldn’t guarantee that the state would stop all work.

This sparked an hour-long hearing about the temporary restraining order, which will be in place for the next two weeks while the still ongoing preliminary injunction hearing continues.

The crux of the plaintiffs’ argument is that the detention facility violates the National Environmental Policy Act, which requires federal agencies to assess the environmental effects of major construction projects.

Panuccio said during the hearing that although the detention center would be holding federal detainees, the construction and operation of the facility is entirely under the state of Florida, meaning the NEPA review wouldn’t apply.

Schwiep said the purpose of the facility is for immigration enforcement, which is exclusively a federal function. He said the facility wouldn’t exist if it wasn’t for the federal government’s desire for a facility to hold detainees.

Williams said Thursday that the detention facility was at a minimum a joint partnership between the state and federal government.

The lawsuit in Miami against federal and state authorities is one of two legal challenges to the South Florida detention center which was built more than a month ago by the state of Florida on an isolated airstrip owned by Miami-Dade County.

A second lawsuit brought by civil rights groups says detainees’ constitutional rights are being violated since they are barred from meeting lawyers, are being held without any charges, and a federal immigration court has canceled bond hearings. A hearing in that case is scheduled for Aug. 18.

Under the 55-year-old federal environmental law, federal agencies should have examined how the detention center’s construction would impact the environment, identified ways to minimize the impact and followed other procedural rules such as allowing public comment, according to the environmental groups and the tribe.

It makes no difference that the detention center holding hundreds of detainees was built by the state of Florida since federal agencies have authority over immigration, the suit said.

Attorneys for federal and state agencies last week asked Williams to dismiss or transfer the injunction request, saying the lawsuit was filed in the wrong jurisdiction. Even though the property is owned by Miami-Dade County, Florida’s southern district is the wrong venue for the lawsuit since the detention center is located in neighboring Collier County, which is in the state’s middle district, they said.

Williams had yet to rule on that argument.

The lawsuits were being heard as Florida Republican Gov. Ron DeSantis ′ administration apparently was preparing to build a second immigration detention center at a Florida National Guard training center in north Florida. At least one contract has been awarded for what’s labeled in state records as the “North Detention Facility.”

By ALEXA ST. JOHN and MATTHEW DALY, Associated Press

WASHINGTON (AP) — The Environmental Protection Agency on Thursday terminated a $7 billion grant program that was intended to help pay for residential solar projects for more than 900,000 lower-income U.S. households.

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It’s the latest Trump administration move hindering the nation’s shift to cleaner energy.

The funding, part of Democratic President Joe Biden’s Solar for All program, was awarded to 60 recipients including states, tribes and regions for investments such as rooftop solar and community solar gardens.

Solar, a renewable energy, is widely regarded as a way to introduce cleaner power onto the electrical grid and lower energy bills for American consumers.

Hurricane reason runs through November. “Building financial resiliency is a crucial part in preparing for climate disasters,” said Theodora Makris at the Center for NYC Neighborhoods. That can include getting flood insurance and creating an emergency fund.

Storm damage in Woodside, Queens, following Hurricane Ida in September 2021. (Michael Appleton/Mayoral Photography Office)

Hurricane season, which kicked off on June 1 and lasts until the end of November, is in full swing in the Big Apple—and it’s a good time for New Yorkers to protect their assets.

“Building financial resiliency is a crucial part in preparing for climate disasters,” said Theodora Makris, senior program manager at the Center for NYC Neighborhoods (CNYCN). 

Makris explains that getting flood insurance, which you can read more about here, and creating an emergency fund ahead of the next big storm is the best way to protect your home from a severe weather event. And New Yorkers are no strangers to harsh storms. 

Two torrential downpours have already descended upon New York City this summer. Last week, a forecasted two inches of rain per hour hit New York, flooding the subways and stopping traffic. A similar storm a few weeks earlier garnered shocking videos of water gushing through transit station platforms, stranding commuters on their way home from work.

This isn’t the first time New York has grappled with severe weather events. Some neighborhoods are still undergoing resiliency work stemming from the devastation of Hurricane Sandy, which struck 13 years ago this fall. 

And the memory of Hurricane Ida, which landed in New York in late August of 2021 and brought over seven inches of rain over a 24-hour period to some parts of the city, is l fresh on many New Yorkers’ minds. The storm left 13 people dead, 11 of whom drowned in basement apartments.  

Predictions for this year are also daunting.

The Atlantic basin will face an “above normal” hurricane season ahead according to a recent 2025 forecast report by the National Oceanic and Atmospheric Administration’s (NOAA). 

The agency expects this year will bring a range of 13 to 19 total storms, with wind speeds of 39 miles per hour or higher. Of those, six to 10 are “forecast to become hurricanes” with wind speeds of 74 mph or higher,” the report notes. That includes three to five major Category 3, 4 or 5 hurricanes with winds of 111 mph or higher. 

Meanwhile, the federal government has been taking funds away from the Federal Emergency Management Agency (FEMA) to protect cities across the country from major storms. 

The agency just shut down its Building Resilient Infrastructure and Communities (BRIC) program, which gave New York over $380 million for key infrastructure projects to safeguard neighborhoods from climate catastrophes.

President Donald Trump also said on Truth Social that FEMA “should be terminated” as the agency “has been slow and totally ineffective,” arguing that “individual states should handle storms etc as they come” without federal support.

With shaky support on the federal level and 1.3 million New Yorkers living in or next to  a floodplain, residents should have a plan in place ahead of time on how to protect themselves from future storms.

Here are some tips from the CNYCN and city agencies on what homeowners and renters can do to safeguard their homes from disaster: 

Get flood insurance. The federal government is the largest U.S. provider through the National Flood Insurance Program, since few private companies offer it. Homeowners and renters alike can click here to get a quote for your property and find the best insurance for you. And here is a brochure with more information for renters who want flood insurance. 

Tally up what you own. Create an up-to-date inventory of what is in your house and how much it costs. When disaster strikes, you can report the damage to the NYC Housing Recovery Portal, a resource run by the Mayor’s Office that helps New Yorkers access disaster recovery assistance to repair and rebuild their homes. 

Stay informed. Sign up for weather alerts at NotifyNYC to receive updates via text whenever there is a severe event or emergency.

Assess your flood risk.  If you are a low-and moderate income homeowner, use FloodHelpNY to find out (for free) how at risk you are of flooding.

Make flood-resistant upgrades. Raise mechanical equipment like HVAC systems and appliances from the floor so they don’t get ruined during a flood, and flood-seal entry points where water can seep in. Check out the state’s Resilient Retrofits  program, which provides low-interest loans and grants to help homeowners in flood-prone areas safeguard their homes.

Find federal assistance after a storm hits. Although FEMA funds are drying up, if there is a presidential disaster declaration after a catastrophic weather event, then you can look up if you qualify for federal assistance here.

To reach the reporter behind this story, contact Mariana@citylimits.org. To reach the editor, contact Jeanmarie@citylimits.org

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