Most Americans Oppose Crypto in 401(k)s Despite Eased Rules

A new national survey shows most Americans aren’t ready to see cryptocurrency added to workplace retirement plans — even as federal policy increasingly opens the door. Major takeaways - 53% of Americans oppose employers offering cryptocurrency as an investment option in workplace retirement plans. - 77% view crypto investments as risky; 46% call them “very risky.” - The survey, by the National Institute on Retirement Security (NIRS), was fielded Oct. 24–Nov. 14, 2025, with 1,203 U.S. adults age 25+, weighted to reflect the population. Public worry sits alongside broader retirement anxiety NIRS’s results come amid rising concern about U.S. retirement security. Key findings: - 80% of respondents said the country is facing a retirement crisis (up from 67% in 2020). - 61% worry they won’t achieve financial security in retirement. - 68% said preparing for retirement has become harder; 77% said household debt prevents them from saving enough. The survey underscores that resistance to workplace crypto is not only coming from people who generally reject digital assets. Even as usage ticks up — a Federal Reserve survey found 10% of adults used or held crypto in 2025 (up from 7% in 2024), with roughly 7% holding crypto as an investment) — a majority remain uncomfortable with putting crypto into employer-sponsored retirement plans. Why the concern matters NIRS and other analyses point to structural retirement weaknesses that amplify fears about adding volatile assets to savings vehicles: - NIRS’s February 2026 analysis (using Census data) found the median retirement savings balance for the American workforce was below $1,000, and many workers still lack access to employer plans. - Social Security provided about 52% of retirement income for older Americans; only roughly 17% had access to a defined-benefit pension as of Dec. 2022. - The U.S. Government Accountability Office has flagged crypto’s unique price volatility and limited reliable methods for projecting returns — traits that can magnify risks for long-term savers. Policy is moving toward more permissive treatment of alternatives Federal policy has shifted toward treating crypto and other alternative assets more neutrally, even as public skepticism persists: - May 2025: The Department of Labor (DOL) withdrew earlier guidance that had told retirement-plan fiduciaries to exercise “extreme care” before adding cryptocurrency. - Aug. 7, 2025: President Trump issued an executive order on alternative assets (digital-asset vehicles, private equity, private credit, real estate and similar investments), directing the Labor Department and SEC to review guidance and regulations that affect employer-sponsored plans. - Mid-August 2025: The DOL rescinded a 2021 statement that had discouraged fiduciaries from considering private equity and some other alternatives. Those changes did not force employers to add crypto. Under ERISA, plan sponsors and fiduciaries still must assess whether any investment — by cost, liquidity, valuation, fees and risks — is prudent for participants. March 2026 proposal and political pushback In March 2026 the DOL proposed a new rule to clarify how fiduciaries should evaluate alternative assets for workplace retirement plans. The proposal would: - Offer regulatory safe harbors intended to lower litigation risk for fiduciaries who follow prescribed review standards. - Require objective, documented reviews covering performance, fees, liquidity, valuation, redemption terms and whether participants can understand the investment. - Apply to more than 90 million retirement savers, the department said. The proposal explicitly would not require plan sponsors to add crypto or private funds; instead, it replaces categorical restrictions with case-by-case fiduciary reviews. But the plan drew opposition from the left: in June, Sens. Bernie Sanders and Elizabeth Warren and Rep. Bobby Scott asked the DOL to withdraw the proposal, warning that crypto could expose workers to volatility, fraud and weaker investor protections than public securities. They also criticized broad inclusion of private funds — citing high fees, limited liquidity and valuation challenges. What this means for retirement savers and employers - Short term: Most workers remain uneasy about crypto in retirement plans, and financial pressures (low savings, high debt) make taking added risk less appealing. - Regulatoryly: The trend is toward enabling fiduciaries to consider alternative assets if they can document prudence — but the DOL’s proposal must still pass the federal rulemaking process and could be revised or withdrawn. - For plan sponsors: Nothing forces crypto into menus today; any inclusion would need careful ERISA-based documentation that an asset is suitable for participants. Bottom line: Americans entering retirement feel squeezed, and a majority see crypto as an added hazard. Policymakers are moving to create a framework that could allow crypto in workplace plans under strict fiduciary review — but political and public resistance means the path forward will be contested.