Senators also plan to legalize a strategic Bitcoin reserve and move away from Chinese miners.

The U.S. Department of Labor has proposed new regulations for 401(k) retirement plans, allowing the inclusion of alternative assets, including cryptocurrencies.

This initiative aims to reduce regulatory uncertainty. The responsibility of managers will now depend on the quality of their asset evaluations rather than their final returns. Fiduciaries will have the freedom to choose assets, provided they conduct a thorough analysis of fees, liquidity, and potential risks.

The new guidance lifts restrictions from 2022. Previously, authorities had warned against including digital assets in retirement plans due to high volatility. According to Deputy Labor Secretary Keith Sonderling, the department intends to maintain neutrality and will not favor specific instruments.

The document does not explicitly promote cryptocurrencies but establishes a "safe harbor" concept for market participants. Investment funds will be able to add Bitcoin, real estate, and other unconventional products without the threat of lawsuits.

Labor Secretary Lori Chavez-DeRemer noted that diversification will foster innovation. Digital assets can help hedge against inflation risks and enhance portfolio returns for young investors focused on the long term.

The initiative was also developed with input from the SEC and the U.S. Treasury Department.

“Mined in America”

Senators Bill Cassidy and Cynthia Lummis have introduced the Mined in America Act. This bill aims to reform the U.S. mining industry, establish a strategic Bitcoin reserve, and localize equipment production.

The Department of Commerce will create a voluntary certification system, Mined in America, for data centers and pools that meet safety standards. Participants will be required to gradually phase out foreign equipment by the end of the decade.

Currently, the U.S. controls about 38% of the global Bitcoin hash rate. However, 97% of specialized devices are produced by Chinese companies, including Bitmain and MicroBT. The bill's authors view this dependence as a threat to national and economic security.

The National Institute of Standards and Technology will be tasked with reducing this imbalance. No additional funding will be required, as support for American equipment developers will be integrated into existing government programs.

The bill considers cryptocurrency mining an effective tool for managing energy grids. Certified miners will gain access to government funding for projects that:

  • absorb excess renewable energy;
  • help balance network loads;
  • utilize methane from landfills and oil fields.

The initiative has already received support from the Satoshi Action Fund.

The document also legally establishes the creation of a strategic Bitcoin reserve under the Treasury, formalizing a corresponding executive order from former President Donald Trump.

To replenish the reserves, authorities will develop a "budget-neutral" mechanism. Revenue from staking and airdrops related to other confiscated digital assets will be directed towards Bitcoin purchases.

Additionally, a tax incentive will be introduced: certified American miners will be able to sell mined coins directly to the government in exchange for capital gains tax exemption. This is expected to create an incentive for replenishing the state reserve at a discount.

As a reminder, in March, it was announced that the American mortgage agency Fannie Mae would begin accepting digital assets as collateral.