The White House Office of Information and Regulatory Affairs (OIRA) has completed its review of a Department of Labor (DOL) proposal that could significantly alter how 401(k) fiduciaries assess alternative assets, including those with digital-asset exposure. The review concluded on March 24, with the action recorded as “consistent with change” and the proposal designated as “economically significant.” The DOL is now expected to release the proposed rule for a standard 60-day public comment period, after which revisions and a final rule would typically follow.
The proposal stems from an executive order signed by President Donald Trump on August 7, 2025, directing federal agencies to broaden access to alternative assets within 401(k) plans. The order specifically included exposure to digital assets through certain investment vehicles. It also called for inter-agency collaboration between the US Treasury Department and the Securities and Exchange Commission to support related rule changes.
The executive order instructed the DOL to reconsider existing restrictions on alternative assets in defined-contribution plans, covering digital assets, private equity, and real estate. The completion of the OIRA review removes a key interagency hurdle and moves the proposal closer to formal rulemaking. If finalized, the rule could substantially widen the path for alternative assets to enter US defined-contribution retirement plans.
The federal government’s posture toward digital assets in retirement accounts has been shifting for some time. On May 28, 2025, the DOL rescinded a 2022 compliance release that had urged fiduciaries to exercise “extreme caution” when considering cryptocurrency for 401(k) plans. That rescission was widely seen as a signal of a broader change in the federal government’s approach to retirement-plan exposure to digital assets.
The scale of the US retirement market underscores the potential significance of any regulatory change. According to a report by the Investment Company Institute (ICI), the US retirement market reached a record $48.1 trillion in financial assets as of September 30, 2025. Even a modest allocation of those funds toward digital assets could represent a substantial shift in the broader cryptocurrency market.
Individual US states have also been pursuing their own legislative efforts to incorporate digital assets into retirement savings. On February 25, Indiana lawmakers passed a bill that would require certain state retirement and savings plans to offer a self-directed brokerage option including at least one cryptocurrency investment choice by July 1, 2027. The legislation would allow Indiana residents to hold Bitcoin (BTC) and other digital assets within their retirement plans for the first time.
The federal proposal and state-level initiatives together reflect a growing momentum toward integrating digital assets into mainstream retirement planning in the United States. The upcoming public comment period will provide an opportunity for industry participants, consumer advocates, and other stakeholders to weigh in on the DOL’s approach. Further revisions to the proposed rule are expected before any final version is issued.
Originally reported by CoinTelegraph.
