Waters Presses Labor Department on Crypto 401(k) Rule

Representative Maxine Waters, ranking Democrat on the U.S. House Financial Services Committee, has urged the Department of Labor to reconsider its proposed rule allowing cryptocurrency investments in 401(k) retirement plans.

In an 11-page comment letter, Waters argued that permitting digital assets in retirement accounts contradicts the Securities and Exchange Commission's efforts to protect investors from crypto-related risks.

Waters highlighted systemic concerns beyond individual token price volatility, citing a collapse in trading volumes, decline in developer activity, and reduced user engagement across the broader crypto ecosystem.