The Invisible Compliance Layer: Major Firms' Soft Bans Keep Bitcoin Out of Retirement Funds

Major US asset managers like Vanguard have dropped their bans on Bitcoin exposure, but "invisible" compliance layers are blocking access to retirement savings. Fidelity, Schwab, and Bank of America offer spot Bitcoin ETFs, but workplace retirement plans still have limited options. Most plan sponsors don't offer spot BTC ETFs as a standard option, and fiduciaries are cautious about adding crypto due to high-risk perceptions.