Waters Slams Crypto in 401(k)s as 'Incoherent' Amid SEC Regulatory Vacuum

U.S. Representative Maxine Waters is concerned about a proposed rule that would allow 401(k) managers to offer cryptocurrency investments to their clients.

In a letter to the Department of Labor, she argues that it's 'incoherent' for the department to bless digital assets as suitable for retirement savings while the SEC is still building an investor-protection regime.

Waters' comments come ahead of the November congressional midterms, in which her party may regain control of the House Financial Services Committee, a panel that oversees the SEC.

The Labor Department proposed the rule in March to implement President Donald Trump's executive order from last year calling for retirement accounts to be allowed to invest in alternative assets like private equity and commodities.