US Lawmakers Reject Crypto Inclusion in Pension Funds

The Department of Labor's proposal to include digital assets in Americans' retirement plans has sparked opposition from leading Democrats in the US Senate and House of Representatives.

Senators Bernie Sanders, Elizabeth Warren, and Representative Bobby Scott have sent a letter to Acting Secretary Keith Sonderling, urging the withdrawal of the plan. They argue that including private equity, crypto, and private credit in retirement accounts would expose pension funds to significant risks due to the lack of regulation and oversight in the crypto market.

The lawmakers also expressed concerns about weakened oversight at financial agencies such as the SEC, making many cryptocurrencies vulnerable to fraud. They questioned whether this policy creates conflicts of interest for current administration officials, highlighting the Trump family's involvement in a crypto project.