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Senator Elizabeth Warren has written directly to Securities and Exchange Commission Chair Paul Atkins asking him to explain how the SEC plans to serve its mission of investor protection as it seeks to support President Trump’s order to make cryptocurrency investments available in retirement plans.
President Trump signed an executive order in August clearing a path for alternative assets including cryptocurrencies like bitcoin and private equity funds to be offered more broadly across traditional retirement plans such as 401(k) plans.
“For most Americans, their 401(k) represents a lifeline to retirement security rather than a playground for financial risk. Allowing crypto into American retirement accounts creates fertile ground for workers and families to lose big,” the Massachusetts Democrat, who is ranking member on the on the Senate Banking, Housing and Urban Affairs Committee, wrote to Atkins in a letter on Monday obtained exclusively by CNBC. “Given the threats from crypto’s volatility, the market’s lack of transparency, and potential conflicts of interest, I am concerned that the Trump Administration’s decision to allow these risky assets to be part of such critical retirement investments threatens millions of Americans’ retirement security.”
