The biggest untapped on-ramp for crypto is opening.

On Sept 22, House Republicans pressed SEC Chair Paul Atkins to fast-track rules letting 401(k)s invest in Bitcoin, Ethereum, private equity, and VC. This builds on Trump’s Aug 7 executive order directing regulators to clear the path. [NEWS]

it matters: $9T sits in U.S. 401(k)s. Even a 1% allocation to crypto = ~$90B of new demand. For context, all U.S. spot BTC ETFs combined have ~$140B AUM today. This isn’t about retail traders, it’s about creating the largest long-term, dollar-cost-averaging inflow Bitcoin has ever seen.

A letterhead from the United States House of Representatives with the seal of the U.S. Congress. Text includes the address 1236 Longworth House Office Building, Washington, D.C. 20515, and the date September 22, 2023. Names Paul Atkins and Chairman are visible, along with references to the SEC and 401(k) retirement savings. Subscribe now

What’s happening

The U.S. 401(k) system, governed by ERISA, has long constrained savers to low-risk assets under strict fiduciary standards. Previous guidance, like the Biden administration’s 2022 caution on crypto, allowed plan sponsors to deny digital asset exposure without justification.

What we’re watching:

  • The Department of Labor (DOL) has 180 days to create safe harbors for plan sponsors, so they can add alternatives without ERISA litigation risk.

  • The SEC will revisit “accredited investor” definitions, expanding access to managed crypto funds.

  • Together, this gives fiduciaries a legally defensible pathway to offer crypto inside retirement accounts.

It is a concerted push to fundamentally redefine what "retirement saving" means for 90M Americans.