US lawmakers push back on Labor Department plans to include crypto in 401(k)s

The three members of Congress said the volatility of digital assets and “lack of regulation and safeguards” could put Americans’ retirement savings at risk.

Top Democrats on three House and Senate committees called on the US Labor Department to halt its plans to allow digital assets and “alternative assets” to be held in Americans' retirement plans. 

In a Tuesday letter, Senator Bernie Sanders, Senator Elizabeth Warren and Representative Bobby Scott asked acting Labor Secretary Keith Sonderling to rescind the department’s proposal to allow private equity, digital assets, private credit, and other “alternative assets” to be included in 401(k) plans.

Source: Senate Banking Committee

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