Overview

• Nine House Financial Services Committee members led by French Hill and Ann Wagner wrote to SEC Chair Paul Atkins on Sept. 22 urging rapid implementation of Executive Order 14330 for participant-directed 401(k) plans.
• Executive Order 14330 directs the SEC and Labor Department to revisit rules so plan fiduciaries can offer exposure to alternative assets, including digital assets, where appropriate.
• Lawmakers also asked the SEC to review bipartisan efforts to modernize the accredited‑investor definition, a change they say could broaden access beyond wealthy investors.
• The U.S. defined‑contribution system holds about $12.1 trillion across roughly 90 million 401(k) accounts, and analysts estimate even a 1% allocation could steer tens of billions of dollars into crypto products.
• No new SEC rules have been issued yet; rollout hinges on agency guidance, product filings and recordkeeper integrations, with DOL having already rescinded its 2022 crypto warning and, per a new advisory, clarified treatment of certain lifetime income defaults.