The U.S. government is moving closer to allowing crypto exposure in retirement accounts.
The White House’s Office of Information and Regulatory Affairs (OIRA) has completed its review of a Department of Labor (DOL) proposal that could reshape how 401(k) fiduciaries evaluate alternative assets, including digital assets.
The review concluded on March 24, with the action marked “consistent with change” and classified as “economically significant.”
The proposal is now expected to be published for a standard 60-day public comment period, after which revisions may be made before a final rule is issued.
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The proposal follows President Donald Trump’s Aug. 7, 2025 executive order, which directed federal agencies to expand access to alternative assets in retirement plans, including crypto exposure through approved investment vehicles.
The order instructed the Labor Department to review fiduciary guidance governing 401(k) plans under ERISA and to reconsider restrictions around:
It also called for coordination between the US Treasury Department and the Securities and Exchange Commission to support broader rule changes.
The executive order marked a major policy shift, effectively laying the groundwork for alternative assets to enter defined-contribution retirement plans at scale.
The DOL’s proposal does not explicitly approve crypto in 401(k)s. Instead, it focuses on how fiduciaries evaluate investment options.
Under ERISA, fiduciaries must act with:
“care, skill, prudence, and diligence under the circumstances then prevailing”
The proposal reinforces that this standard applies equally across all asset classes, meaning crypto is no longer treated as uniquely restricted.
Fiduciaries are required to assess:
The filing also reiterates that fiduciaries must act “solely in the interest of participants and beneficiaries,” a critical safeguard when considering volatile assets like crypto.
The potential impact is significant.
The US retirement market held $48.1 trillion in assets as of Sept. 30, 2025, according to the Investment Company Institute.
