Overview

• Rep. Troy Downing introduced the Retirement Investment Choice Act to codify Executive Order 14330, allowing 401(k) fiduciaries to offer crypto and other alternative assets when deemed appropriate.
• The executive order directed the Labor Department and SEC to broaden access to alternative assets and gave the DOL 180 days to propose rules, with early February as the target for draft guidance.
• Prospects remain uncertain as no Senate companion bill exists and Democrats are expected to oppose expanding crypto access in retirement accounts.
• Industry groups, including the American Retirement Association, back fiduciary discretion, and Senate Republicans have urged a regulatory safe harbor for plan sponsors.
• Analysts say codification could steer substantial capital from the $25 trillion U.S. retirement system into digital assets while elevating concerns over volatility, fees, and fiduciary risk.