US Lawmakers Push to Codify Crypto-Friendly 401(k) Executive Order Into Law
Republicans are introducing a bill to enshrine President Trump’s executive order allowing crypto in 401(k)s as federal law.
The Retirement Investment Choice Act, sponsored by Rep. Troy Downing (R-MT), seeks to make the August order permanent, allowing retirement plans to include alternative assets like digital currencies.
The change directs the Labor Department to ease rules for fiduciaries offering crypto-exposed funds, aiming to democratize access for 90 million Americans in defined-contribution plans.
Says Downing,
“Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement.
I applaud President Trump for his leadership to democratize finance and am proud to be leading the effort in Congress to codify his EO and enshrine this move for generations to come.”
The one-page bill, introduced Tuesday, faces an uncertain path forward, as have many Bitcoin and crypto bills before Congress in the current session.
Trump’s August executive order counters past Labor Department guidance that stifled alternative asset allocations due to litigation fears, specifically allowing “holdings in actively managed investment vehicles that are investing in digital assets.”
Generated Image: Midjourney
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