The White House’s Office of Information and Regulatory Affairs has completed its review of a Labor Department rule, clearing an important procedural obstacle for the possible inclusion of cryptocurrencies and other alternative assets in employer-sponsored 401(k) plans. The step, completed around March 25–26, 2026, moves the process closer to a change that could eventually touch the roughly $10–$14 trillion U.S. 401(k) market.
The review’s completion builds on earlier policy changes from both the White House and the Labor Department. An August 7, 2025 executive order pushed agencies to expand access to alternative assets in retirement accounts, and that was followed by the Department of Labor’s May 28, 2025 decision to withdraw its 2022 guidance that had urged fiduciaries to exercise “extreme caution” with crypto exposure in retirement plans.
What the rule change could set in motion
With OIRA’s review now finished, the Labor Department is in a position to publish a proposed rule and formally open the next phase of the process. Once that proposal is released, it is expected to trigger a public comment period lasting roughly 30 to 60 days before any final rule can be adopted.
Supporters of the change argue that a more permissive framework would give retirement savers broader diversification options and a clearer path to assets such as Bitcoin and Ethereum. In that view, the rule would modernize access to investment products that some participants already want included in long-term portfolio construction.
Critics, however, see a more complicated picture. Opponents warn that opening 401(k) plans to a wider range of alternative assets could introduce liquidity, valuation and governance risks that many retirement investors are not well positioned to manage. The Private Equity Stakeholder Project went further, arguing that the shift could disproportionately benefit private equity firms by directing retirement capital into less liquid structures.
Why markets and plan sponsors are watching closely
If the rule ultimately broadens 401(k) access, the most immediate market effect could be the creation of a new institutional channel for crypto and alternative-asset demand. That would not only affect capital flows into digital assets, but could also alter how custody providers, platforms and asset managers position themselves for retirement-related inflows.
At the same time, the operational burden would move quickly to employers, recordkeepers and fiduciaries. Plan sponsors would need to make more complex decisions around valuation standards, custody arrangements, liquidity controls and participant disclosures, all while navigating a framework that is still evolving.
The formal publication of the Labor Department’s proposal, and the comments submitted during the 30–60 day review window, will shape both the timing and the ultimate reach of any final rule. Until then, the process remains open, but the direction of travel is now much clearer than it was only a few months ago.
