And, thankfully, we already have exactly what you're asking for in terms of a wonderful incentive placed on the financial houses to NOT allow for betting on Red 11 in 401(k) portfolios.

Following up after my own post, in a piece of fortuitous timing the BusinessWeek columnist Matt Levine (whom I adore reading) led off today's column with a discussion about the changes that will allow for some more spicy investing in 401(k)'s. And which has some additional information about the specific mechanism by which the Administration is going to allow them to invest in crypto.

In a nutshell, you're both right and wrong about the above. We do have exactly what I'm asking for in the form of the incentive placed on the financial houses - and it's exactly that incentive that the Administration is going to remove. The specific change that the Administration is directing the Department of Labor to make is to revise the regulations that govern what constitute fiduciary responsibilities on alternative investments in 401(k)s. More specifically, it is currently the situation that if an employer's 401(k) allows you to be on Red 11 in the 401(k) that they will get sued - but the change that the Administration is proposing is to stop that and to make it so you won't be able to sue them for letting you bet on Red 11 in the future, which completely removes the "wonderful incentive" you were describing.

https://archive.ph/AxpDU