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Democrats oppose Trump officials’ effort to include crypto in 401(k) plans

Democrats oppose the Labor Department proposal to include cryptocurrency in 401(k) plans, arguing workers would face higher risk and complexity.
Senators Sanders and Warren joined Bobby Scott in a letter claiming the rule could put $14.2 trillion of retirement savings at risk.
The Democrats say the proposal could lead to higher fees and erode long-term returns for workers.
Finra cautions crypto investments are more volatile and risky than traditional assets, according to the Democrats’ letter.
The letter notes seniors’ poverty rates and contrasts them with other OECD countries to illustrate risk exposure.
The Guardian reports the letter references Trump’s ties to the crypto industry as a potential conflict of interest.
The Labor Department has not commented on the proposed rule at the time the article was published.
The Trump administration asserts the rule would broaden investment options for workers.
Trump's treasury secretary welcomed the rule-making as a step toward innovation.

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