The US Congress urges the SEC to allow Bitcoin and cryptocurrencies to be included in 401(k) retirement plans.
According to ChainCatcher, market sources report that the U.S. Congress is urging the U.S. Securities and Exchange Commission (SEC) to approve the inclusion of bitcoin and other cryptocurrencies in 401(k) retirement plans.
Members of the House Financial Services Committee have sent a letter to SEC Chairman Paul Atkins, urging him to update securities regulations so that digital assets are treated as an investment category equivalent to other alternative investments in retirement accounts. Lawmakers pointed out that Americans saving for retirement deserve more investment options, and that current rules are outdated and overly restrictive, preventing millions from accessing new asset classes. They also emphasized the need to redefine the standards for "qualified investors." At present, strict investor qualification requirements limit participation in certain private and alternative investment markets.
Such plans are typically only available to wealthy or high-net-worth individuals. Now, Congress hopes to expand the rules to include people with professional licenses, relevant work experience, or those who can pass competency exams. Lawmakers also stated that the SEC should coordinate with the Department of Labor, which oversees retirement plan fiduciaries, to jointly develop regulations. They believe that both agencies need to find a safe and responsible way to include alternative assets as investment options in 401(k) plans.
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