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.
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.
It is a concerted push to fundamentally redefine what "retirement saving" means for 90M Americans.
The backdrop: For decades, retirement savers were confined to stocks, bonds, and fiat-denominated funds. Crypto allocations were blocked by fiduciary “caution” guidance, most recently under Biden in 2022. Trump’s EO flips the script, reframing Bitcoin/Ethereum as legitimate long-term assets — akin to gold or real estate — while democratizing access to private markets.
