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A group of US lawmakers, led by House Committee on Financial Services Chairman French Hill, have reached out to Securities and Exchange Commission (SEC) Chair Paul Atkins to express their support for Executive Order 14330, which seeks to democratize access to crypto assets for 401(k) investors.
Crypto Inclusion In Retirement Savings
In a letter addressed to Chairman Atkins, the lawmakers highlighted the executive order’s potential to enhance retirement savings for “millions of Americans.”
They emphasized the importance of enabling access to alternative investments such as crypto, which could improve net risk-adjusted returns for retirement accounts when deemed appropriate by plan fiduciaries.
The letter calls for the SEC to collaborate with the Department of Labor to revise existing regulations and guidance, ensuring that these investment opportunities become accessible to a broader range of investors.
New Bipartisan Push
The lawmakers also pointed out that the executive order includes directives for the SEC to facilitate access to alternative assets specifically within participant-directed defined contribution retirement savings plans. They noted that this could involve reassessing the criteria for accredited investors and qualified purchasers.
The bipartisan group encouraged the SEC to act promptly in assisting the Secretary of Labor with necessary regulatory revisions. They also urged the SEC to consider bipartisan legislation currently advancing in Congress that focuses on the definition of accredited investors.
Their hope is that these efforts will benefit the roughly 90 million Americans who are currently unable to invest in crypto and alternative assets, thereby helping them secure a “dignified and comfortable retirement.”
The daily chart shows the total crypto market cap valuation drop toward $3.8 trillion. Source: TOTAL on TradingView.com
Featured image from DALL-E, chart from TradingView.com
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