Republican Congressman Troy Downing R-Mont. announced plans to introduce the Retirement Investment Choice Act, a bill aimed at codifying President Donald Trump’s August 2025 executive order into permanent federal law.

This move would lock in the policy allowing cryptocurrency and other alternative assets—like private equity and real estate—to be included in 401(k) retirement plans, potentially unlocking trillions in institutional capital for the crypto market.

Signed on August 7, 2025, the order directs the Department of Labor (DOL) to revise guidance under the Employee Retirement Income Security Act (ERISA) of 1974. It encourages federal agencies, including the DOL, Treasury, and Securities and Exchange Commission (SEC), to facilitate access to alternative investments in participant-directed retirement plans.

This includes crypto ETFs, which were already approved for Bitcoin and Ethereum earlier in 2025. While the order doesn’t change 401(k) rules overnight—requiring regulatory rewrites that could take months—it signals a shift from the Biden-era caution on crypto’s volatility.

Employers and fund managers like BlackRock, Fidelity, TIAA have welcomed it for expanding investment options, though adoption may take years. The order also addresses “debanking” risks, instructing regulators to eliminate policies that deny services based on “reputation risk” tied to lawful activities like crypto involvement.

The Retirement Investment Choice Act would make the executive order’s provisions statutory, shielding them from reversal by future administrations. Downing described it as a way to “supercharge the financial security of countless Americans” through diverse assets.

Key GOP supporters include Reps. French Hill (R-Ark.) and Ann Wagner (R-Mo.), who in September 2025 sent a letter backing the order. This aligns with Trump’s pro-crypto stance, including his administration’s approval of spot Bitcoin ETFs and efforts to normalize digital assets.

Passage isn’t guaranteed in a divided Congress, but it reflects growing Republican support for crypto integration amid record ETF inflows (e.g., $5.95 billion globally by October 4, 2025, with $5 billion from the U.S.).

According to Bitwise Investments, U.S. 401(k) assets total over $10 trillion. A 1% allocation to crypto could channel $122 billion into the market. A 3% allocation could drive nearly $360 billion. This could accelerate mainstream adoption, with 90 million Americans potentially accessing Bitcoin via retirement accounts.

However, surveys show mixed sentiment: A Boldin poll found ~50% of Americans oppose adding crypto to 401(k)s due to volatility risks, echoing warnings from figures like Sen. Elizabeth Warren about weak protections and high fees.

Crypto’s price swings could erode retirement savings, reminiscent of 1929 stock market risks. DOL and SEC must align rules, and employers may hesitate to offer these options.

Critics argue it favors Wall Street over worker safeguards, potentially exposing trillions to speculative assets. This development marks a pivotal step toward embedding crypto in America’s retirement ecosystem, blending Trump’s deregulatory agenda with GOP efforts to future-proof it.

If passed, it could redefine how 55 million+ crypto users per the 2025 National Cryptocurrency Association report build wealth. President Trump’s August 7, 2025, executive order directs the Department of Labor (DOL), Treasury, and Securities and Exchange Commission (SEC) to revise ERISA-related guidance to facilitate the inclusion of alternative assets like cryptocurrencies, private equity, and real estate in participant-directed retirement plans.

ERISA mandates that fiduciaries plan like sponsors, employers act prudently, prioritizing participant interests. Historically, DOL guidance has cautioned against volatile assets like crypto due to risks, as seen in 2022’s Compliance Assistance Release No. 2022-01, which warned fiduciaries about including crypto in 401(k)s.

The executive order instructs the DOL to update interpretive bulletins to explicitly allow alternative assets in participant-directed plans (e.g., 401(k)s where employees choose investments). This includes crypto ETFs Bitcoin and Ethereum spot ETFs approved in 2025 and other non-traditional investments, provided they meet fiduciary standards.

Revisions aim to clarify that fiduciaries can offer crypto without violating ERISA’s prudence and diversification requirements, as long as participants have sufficient disclosures and risk education. The DOL is directed to issue guidance ensuring fiduciaries aren’t penalized for including crypto ETFs or similar assets.

The DOL, Treasury, and SEC are tasked with eliminating policies that restrict access to banking or custodial services for crypto-related retirement investments. This could involve amending ERISA’s custodial rules to ensure crypto custodians like Coinbase, BitGo can serve 401(k) plans.

Plan sponsors may need to provide educational resources to participants, ensuring informed decision-making, as crypto allocations could range from 1% to 3% of portfolios per Bitwise estimates.

The DOL’s Employee Benefits Security Administration (EBSA) will draft new interpretive bulletins or amend existing ones (e.g., Interpretive Bulletin 96-1 on participant investment education). Proposed rules will undergo a 30-60 day comment period, as required by the Administrative Procedure Act.

The Treasury via IRS and SEC will align tax and securities regulations, particularly for crypto ETFs and custodial arrangements. Expect initial guidance by Q1 2026, with full implementation potentially stretching to 2027, depending on regulatory complexity and political resistance.

The Retirement Investment Choice Act, announced October 14, 2025, by Rep. Troy Downing, aims to codify these changes into law, making them harder to reverse. The bill’s specifics are pending, but it will likely mirror the executive order’s language on fiduciary flexibility and debanking protections.

Allowing crypto in 401(k)s could drive $122 billion (1% allocation) to $360 billion (3% allocation) into crypto markets, per Bitwise Investments, boosting adoption across 90 million U.S. crypto users.

The DOL has not yet released draft guidance, but the executive order’s 180-day review period ending February 2026 sets a deadline for initial proposals. The Retirement Investment Choice Act’s introduction is imminent, with GOP support from Reps. French Hill and Ann Wagner, but passage in a divided Congress remains uncertain.

The U.S. Chamber of Commerce on Thursday filed a lawsuit challenging the Trump administration’s newly imposed $100,000 annual fee on H-1B worker visas, arguing that the steep charge violates federal law and would cripple American businesses’ ability to hire skilled foreign talent.

The lawsuit comes just weeks after President Donald Trump announced sweeping changes to the H-1B visa program — a move his administration said was aimed at “reworking” how companies bring in foreign professionals in high-skill sectors such as technology, engineering, and finance. The new policy would require U.S. employers to pay $100,000 per year for each H-1B visa, a dramatic increase from previous fees that ranged between $2,000 and $5,000 depending on company size.

In a statement released Thursday, the Chamber said the new fee “overrides provisions of the Immigration and Nationality Act that govern the H-1B program, including the requirement that fees be based on the costs incurred by the government in processing visas.” The lawsuit, filed in federal court, seeks to block the rule from taking effect and declares that the administration lacks the authority to impose such a drastic fee increase without congressional approval.

Neil Bradley, executive vice president and chief policy officer of the U.S. Chamber, said the measure would devastate small and medium-sized businesses that rely on international expertise to compete globally.

“The new $100,000 visa fee will make it cost-prohibitive for U.S. employers, especially start-ups and small and midsize businesses, to utilize the H-1B program, which was created by Congress expressly to ensure that American businesses of all sizes can access the global talent they need to grow their operations here in the U.S.,” Bradley said.

The fee announcement in September triggered alarm across the U.S. technology sector, where foreign workers make up a significant portion of the skilled labor force. Startups and venture-backed firms — already struggling with tight labor markets and rising costs — said the measure could effectively shut them out of the global talent pool. Major technology companies, including those that contributed heavily to Trump’s presidential campaign, have also relied heavily on H-1B visas to recruit software engineers, data scientists, and other specialists from countries such as India and China.

Industry groups said the $100,000 fee represents not just a financial burden but a structural shift in how the government views skilled immigration. The fee is seen not as a cost-recovery measure — it’s a deterrent, as it effectively prices out smaller players and consolidates access to global talent among the wealthiest corporations.

The H-1B visa program, created by Congress in 1990, allows U.S. companies to hire foreign professionals in specialty occupations for an initial period of three years, extendable up to six years. The program is capped at 65,000 visas per year, with an additional 20,000 reserved for applicants holding advanced degrees from U.S. institutions. In recent years, the program has been oversubscribed several times over, forcing the U.S. Citizenship and Immigration Services (USCIS) to run a lottery to allocate visas.

Even before the new fee, the process was already costly and complex. Companies paid thousands of dollars in legal and filing fees, often without any guarantee of approval. Under the new rule, employers would be required to pay $100,000 annually — effectively $300,000 for a standard three-year term — regardless of whether the employee remains with the company.

The Trump administration has also proposed revising the lottery system to prioritize higher-wage earners and restrict eligibility for certain occupations. Supporters of the overhaul argue that the current system has been abused by outsourcing firms that use H-1B workers to undercut U.S. wages, while opponents say the changes are part of a broader anti-immigration agenda that could weaken America’s technological edge.

Trump, who campaigned on reshoring jobs and “putting American workers first,” has made restricting immigration a centerpiece of his economic strategy. The new H-1B policy aligns with his administration’s broader push to favor domestic hiring, limit temporary work programs, and increase scrutiny of employment-based visas.

But business leaders argue that these measures contradict the administration’s stated goals of expanding the economy and maintaining U.S. leadership in innovation.

“President Trump has embarked on an ambitious agenda of securing permanent pro-growth tax reforms, unleashing American energy, and unraveling the overregulation that has stifled growth,” Bradley said in the Chamber’s statement. “The Chamber and our members have actively backed these proposals to attract more investment in America. To support this growth, our economy will require more workers, not fewer.”

Economists warn that limiting access to skilled foreign labor could exacerbate workforce shortages in key industries. According to the National Foundation for American Policy, over 70% of H-1B visa recipients work in STEM fields, with the largest share employed in computer and information technology sectors. U.S. companies have long cited shortages of domestic workers with advanced technical skills, particularly in artificial intelligence, semiconductor design, and cybersecurity — areas the government itself has identified as critical to national security.

For smaller firms, the implications could be particularly severe. Critics of the new fee note that it risks driving innovation offshore at a time when global talent competition is intensifying. Canada, the United Kingdom, and several European Union countries have recently eased visa rules for skilled migrants to attract workers leaving the U.S. market. The Chamber’s lawsuit warns that if the rule is not struck down, it could lead to an immediate and measurable decline in foreign investment and job creation in the United States.

However, the Chamber’s case could hinge on whether the administration overstepped statutory limits set by Congress, according to legal experts. Under the Immigration and Nationality Act, visa fees must correspond to administrative costs rather than serve as policy tools.

The legal challenge adds to a growing list of court battles between the business community and the Trump administration over immigration, trade, and regulatory policy. Despite Trump’s close ties to corporate America, the H-1B overhaul has drawn sharp criticism from sectors that once viewed his economic agenda favorably.