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Democrats Oppose Labor Department's 401(k) Crypto Rule in June 1 Letter

Regulation & Policy Stocks

2026-06-02 23:22:55

MEME-1.01%

On June 1, Senators Bernie Sanders and Elizabeth Warren, along with Representative Robert Scott, urged the Department of Labor to reject a proposed rule that would allow 401(k) retirement plans to include cryptocurrencies and other alternative assets. In a letter to Acting Secretary Keith Sonderling, the lawmakers warned the proposal would expose retirement savers to riskier, more complex, and more expensive investments by establishing a safe harbor for fiduciaries offering alternative assets. The lawmakers cited crypto market volatility and fraud risks as key concerns, pointing to 2025 crypto-linked fraud losses that reached $11 billion, a record high, and citing Trump's memecoin as an example of extreme price volatility.

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