Earlier quoted context omitted.
If the key is not evidence then how can they prove that they got the incriminating files from the encrypted drive?
A forensic scientist would testify that they extracted the files from there. It is exactly the same as when a confidential source gives up an address (for example) the source never gets into evidence.
If the key involves a password that you, a human, have memorized in your squishy pink organ, it's privileged under the Fifth Amendment. (This hasn't been tested in court yet, of course. There's no precedent to fall back on.)