CoinVoice has recently learned that, according to the latest market information, 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 consider digital assets as an investment category equivalent to other alternative investments in retirement accounts. Lawmakers noted that Americans saving for retirement deserve more investment options, as the current rules are outdated and overly restrictive, hindering millions of people from accessing new asset classes. They also emphasized the necessity of redefining the 'accredited investor' standard. Currently, strict investor qualification regulations limit participation in some private and alternative investment markets.
Such plans are typically only available to wealthy or high-net-worth individuals. Congress now wishes to expand the rules to include individuals 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 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. [Original link]
