A majority of Americans regard cryptocurrency as too risky for workplace retirement plans, according to a new survey from the National Institute on Retirement Security. The findings arrive as federal regulators and the Trump administration advance measures to make alternative assets, including those tied to digital assets, more accessible in defined-contribution accounts such as 401(k)s.

The survey, conducted by Greenwald Research between October 24 and November 14, 2025, polled 1,203 Americans aged 25 and older. Results were weighted by age, gender and income. It found that 77% of respondents consider crypto investments in workplace retirement plans risky, including 46% who labeled them “very risky.” Separately, 53% opposed employers offering cryptocurrency as an investment option.

Broader Concerns Over Retirement Security

Public wariness toward crypto sits within wider unease about retirement readiness. Eighty percent of respondents said the United States faces a retirement crisis, up from 67% in 2020. Sixty-one percent expressed concern about achieving financial security after they stop working. Affordability pressures featured prominently: 68% said preparing for retirement has become harder, and 77% reported that debt prevents them from saving enough.

A separate February 2026 analysis by the institute, drawing on U.S. Census Bureau data, showed the median retirement savings balance across the American workforce below $1,000. Many employees lack access to any employer-sponsored plan. Older Americans rely on Social Security for about 52% of their retirement income, while only around 17% of workers had access to a traditional defined-benefit pension as of December 2022. Most workers therefore depend on 401(k)-style plans that place investment risk and decision-making on the individual.

Opposition to crypto in retirement accounts extends beyond current holders of digital assets. A Federal Reserve survey indicated that 10% of U.S. adults used or held cryptocurrency in 2025, up from 7% in 2024, with roughly 7% holding it purely as an investment.

Regulatory Path Toward Alternative Assets

Federal policy has moved in a different direction. In May 2025 the Department of Labor rescinded earlier guidance that had advised 401(k) fiduciaries to exercise “extreme care” when considering cryptocurrency. Officials described the prior standard as a departure from the agency’s usual neutral stance toward different asset classes. Fiduciaries were directed to base decisions solely on their duties under the Employee Retirement Income Security Act.

On August 7, 2025, President Donald Trump signed an executive order aimed at expanding access to alternative assets in defined-contribution retirement plans. The order covered investment vehicles holding digital assets along with private equity, private credit, real estate and other holdings not typically found in such plans. It instructed the Labor Department to review fiduciary guidance and directed the Securities and Exchange Commission to consult on related regulatory changes.

Days later the Labor Department rescinded 2021 guidance that had discouraged fiduciaries from considering alternative assets, again framing the change as a return to a principles-based approach. These steps did not require employers to offer crypto; plan sponsors retained responsibility for evaluating costs, risks and suitability under ERISA.

In March 2026 the department proposed rules specifying how fiduciaries could evaluate alternative assets for workplace plans. The framework, covering more than 90 million retirement savers, requires assessment of performance, fees, liquidity, valuation, redemption terms and participants’ ability to understand the investment. It includes regulatory safe harbors intended to limit litigation risk for fiduciaries who follow the prescribed review standards. Employers would not be compelled to add cryptocurrency, private equity or private credit; those that choose to do so would need to document an objective review meeting prudence requirements.

Lawmaker Opposition to the Proposal

The March proposal has drawn resistance. In June 2026 Sens. Bernie Sanders and Elizabeth Warren and Rep. Bobby Scott urged the Labor Department to withdraw it. They cited cryptocurrency’s price volatility, potential for fraud and what they described as weaker safeguards compared with public securities.

The proposal remains in the federal rulemaking process, where the department may revise, finalize or withdraw it after reviewing public comments. Plan sponsors and fiduciaries continue to operate under existing ERISA obligations while the framework is under consideration.

The survey results and regulatory developments together illustrate a clear divergence: most Americans express caution about placing cryptocurrency inside retirement accounts at a time when policymakers are reducing barriers to alternative assets. Final rules will determine the practical conditions under which any such options could appear in workplace plan menus.