The White House Office of Information and Regulatory Affairs (OIRA) has completed its review of a Department of Labor (DOL) proposal that could change the way 401(k) fiduciaries evaluate alternative assets, including exposure to digital assets.
OIRA’s website shows the review completed on March 24, with the action marked as “consistent with change” and the proposal classified as “economically significant.” The DOL is expected to publish a proposed rule within the standard 60-day public comment period, which is typically followed by revisions and the issuance of a final rule.
The proposal is consistent with President Donald Trump’s August 7, 2025 executive order directing federal agencies to expand access to alternative assets in 401(k) plans, including exposure to digital assets through certain investment vehicles.
The order directed the DOL to re-evaluate limitations on alternative assets in defined contribution plans, including digital assets, private equity and real estate. He also called for interagency cooperation between the U.S. Treasury and the Securities and Exchange Commission to support regulatory changes.
The completed review clears an interagency hurdle for a proposal that could expand the path for alternative assets in U.S. defined contribution retirement plans.
Cryptocurrency-related exposure is approaching the 401(k) market.
On May 28, 2025, the DOL rescinded a 2022 compliance notice that urged fiduciaries to be “extremely cautious” when considering cryptocurrencies in 401(k) retirement plans, signaling a broader shift in the federal government’s position on retirement plans’ exposure to digital assets.
According to US pension market estimates, as of September 30, 2025, financial assets reached a record value of $48.1 trillion. report by the Investment Company Institute (ICI).
Indiana expands access to cryptocurrencies in retirement
Other U.S. states have launched their own legal initiatives to make digital assets assets of retirement plans.
Related: Australia’s main pension fund is considering cryptocurrency offerings amid rising demand
On February 25, Indiana lawmakers passed a bill that would require certain state retirement and savings plans to offer a self-directed brokerage option with at least one cryptocurrency investment option by July 1, 2027.
The bill would allow Indiana citizens for the first time to own Bitcoin (BTC) and digital assets as part of their retirement plans.
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