Troy Downing Introduces Retirement Investment Choice Act to Allow Bitcoin in 401(k)s

Representative Troy Downing plans to introduce the Retirement Investment Choice Act, a bill that would seek to codify a prior executive order and permit cryptocurrency and private equity allocations within 401(k) retirement plans. The proposal lists co-sponsorship from Republican Representatives Byron Donalds, Buddy Carter, Warren Davidson and Barry Moore, formalizing legislative support for expanded alternative asset eligibility.

Downing has stated the measure would enable more savers to access alternative assets; proponents argue the change requires clarified fiduciary guidance for plan sponsors and enhanced disclosure and risk-management standards. The bill surfaces amid continued regulatory caution from the Biden administration, underscoring ongoing debate over 401(k) asset allocation, compliance frameworks and retirement investor protections.