Donald Trump · Elizabeth Warren · Bitcoin · U.S. · White House · Decrypt
Bernie Sanders, Elizabeth Warren Urge Labor Department to Drop Bitcoin, Crypto 401K Plan
Compiled by KHAO Editorial — aggregated from 3 sources. See llms.txt for citation guidance.
✓ KHAO Verified
Senators Bernie Sanders (the reporter-VT) and Elizabeth Warren (D-MA) sent a blistering letter to the head of President Donald Trump’s Labor Department this week, urging the agency to reconsider a pending rule that would give fiduciaries wide cover to offer riskier assets like Bitcoin and other cryptocurrencies in retirement plans.
Key facts
- Bobby Scott (D-VA), the top Democrat on the House Education and Labor Committee
- The lawmakers argued the new rules would presume due diligence—or prudence—on the part of fiduciaries, instead of requiring it, in violation of longstanding requirements established by the Supreme
- The proposed rule is harmful to American workers and counter to statute, Congressional intent, existing regulations, and case law,” Sanders and Warren said in a 14-page letter sent Monday to Acting
- The proposed rule, floated in March, would grant fiduciaries the immunity to offer volatile and opaque assets like crypto, private equity, and private credit in 401(k) plans—so long as they stipulate
Summary
Bernie Sanders and Elizabeth Warren urged the Labor Department to drop a proposal to make it easier to offer crypto and other alternative assets in 401(k) plans. They argued the rule weakens fiduciary standards and could expose retirees to greater risk. The lawmakers also said the policy could enrich President Donald Trump and his family by expanding access to crypto products tied to him and his family. The proposed rule, floated in March, would grant fiduciaries the immunity to offer volatile and opaque assets like crypto, private equity, and private credit in 401(k) plans—so long as they stipulate that they considered various factors before offering access.