According to ChainCatcher, 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 wrote to SEC Chairman Paul Atkins, urging him to update securities rules to classify digital assets in retirement accounts as an investment category equal to other alternative investments. Lawmakers pointed out that Americans saving for retirement deserve more investment choices, as current rules are outdated and overly restrictive, hindering millions from accessing new asset classes. They also emphasized the necessity of redefining the standard for 'qualified investors'. Currently, strict investor qualification regulations limit participation in certain private and alternative investment markets.
Such plans are typically aimed at wealthy or high-net-worth individuals. Congress now hopes to expand the rules to include those with professional licenses, relevant work experience, or 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 formulate rules. They believe that the two agencies need to find a safe and responsible way to incorporate alternative assets into the investment options of 401(k) plans.
