The US Department of Labor submitted its final proposed 401(k) investment rule to the White House Office of Information and Regulatory Affairs on 5 November, with no firm deadline set for approval. The proposal would make it easier for retirement plans to consider alternative assets, including cryptocurrencies, under a six-factor investment assessment framework. The development follows Trump's August 2025 Executive Order directing regulators to facilitate access to digital assets in retirement accounts, marking a shift from the DOL's cautious March 2022 guidance on crypto in 401(k) plans.
DOL Withdraws 2022 Crypto Warning and Introduces Six-Factor Framework
In March 2022, the DOL issued guidance warning retirement-plan managers to exercise extreme caution when including cryptocurrencies in 401(k) investment menus. In May 2025, the Trump administration withdrew that warning and took a more neutral stance, allowing plan managers to evaluate crypto according to ordinary fiduciary standards.
In August 2025, Trump signed Executive Order 14330, which directed regulators to facilitate access to alternative investments, including digital assets, in 401(k) retirement plans. The order also covered investments outside crypto, from property and infrastructure to private equity and commodities.
By March 2026, OIRA had finished reviewing the proposed DOL rule and cleared the path for publication and public consultation. The DOL announced the rule on 30 March, with Federal Register publication on 31 March. The rule introduced a six-factor framework for selecting retirement investments and proposed legal protections for plan managers following a prudent process. The public comment period ended in June 2026.
The proposed rule does not specifically name Bitcoin, Ethereum or any other cryptocurrency, nor does it set a minimum market capitalisation requirement. Under the framework, plan managers would have to assess an investment's expected performance and costs, how easily it could be sold and accurately valued, whether suitable benchmarks exist and how difficult the investment is to evaluate.
Bitcoin and Ethereum Expected as First Crypto Offerings Through ETFs
While the framework leaves the door open for altcoins, it does not mean they will automatically become available in retirement plans. Teresa Goody Guillén, a lawyer quoted by Cointelegraph, expects Bitcoin and Ethereum to be offered first. Their longer trading histories and existing investment products make them easier to assess than smaller cryptocurrencies.
Experts also expect exchange-traded funds and managed funds to come before direct crypto holdings, as they are easier to integrate into existing retirement investment systems. The White House review could take around 90 days, although no firm deadline has been set.
Even after the rule is finalised, employers and retirement-plan managers would still need to decide whether to offer crypto investments. Some industry experts expect the first products to become available in 2027, with broader adoption potentially following in 2028.
FAQ
What did the US Department of Labor submit on 5 November?
The Department of Labor submitted its final proposed 401(k) investment rule to the White House Office of Information and Regulatory Affairs on 5 November. The proposal introduces a six-factor investment assessment framework that would make it easier for retirement plans to consider alternative assets, including cryptocurrencies.
Why did the Trump administration withdraw the 2022 crypto guidance?
In May 2025, the Trump administration withdrew the DOL's March 2022 guidance that warned retirement-plan managers to exercise extreme caution with cryptocurrencies. The withdrawal took a more neutral stance, allowing plan managers to evaluate crypto according to ordinary fiduciary standards. This followed Trump's August 2025 Executive Order directing regulators to facilitate access to digital assets in 401(k) retirement plans.
Which cryptocurrencies are expected to be offered first in 401(k) plans?
According to lawyer Teresa Goody Guillén quoted by Cointelegraph, Bitcoin and Ethereum are expected to be offered first. Their longer trading histories and existing investment products make them easier to assess than smaller cryptocurrencies. Experts expect exchange-traded funds and managed funds to come before direct crypto holdings.
