Better Markets Opposes DOL Plan to Open $8 Trillion 401(k)s to Crypto, Private Assets
Updated
Updated · Better Markets · Jun 1
Better Markets Opposes DOL Plan to Open $8 Trillion 401(k)s to Crypto, Private Assets
3 articles · Updated · Better Markets · Jun 1
Summary
Better Markets filed a comment letter urging the Labor Department to drop a proposal that would make it easier to add private-market and crypto investments to 401(k) plans.
ERISA sets plan administrators to the law’s highest fiduciary standard, the group said, and also gives participants the right to sue over imprudent, risky, illiquid or costly investment choices.
The nonprofit argued the proposal would improperly shield administrators from liability while steering retirement savers toward private equity and crypto, which it called among the least suitable options for retail investors.
Private-market assets carry high fees, low liquidity and limited transparency, Better Markets said, while crypto remains a speculative asset with no real-world utility—raising the stakes for millions of Americans’ retirement savings.