U.S. lawmakers have called on U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins to assist in expediting the implementation of an executive order allowing cryptocurrency investments in U.S. 401(k) retirement plans.
In a letter on Monday, nine lawmakers, including House Financial Services Committee Chairman French Hill and Capital Markets Subcommittee Chair Ann Wagner, requested Atkins to "provide swift assistance" to the Labor Secretary and make necessary adjustments to existing regulations and guidance.
They also pointed out that under President Donald Trump's August executive order on "democratizing access to alternative assets for 401(k) investors," the SEC was instructed to make alternative assets like cryptocurrencies more accessible in participants' self-directed retirement plans based on the consideration of accredited investors and qualified purchasers rules.
"We hope such actions can help the 90 million Americans currently restricted from investing in alternative assets achieve a dignified and comfortable retirement," the nine lawmakers stated.
This move follows the reversal of the Labor Department's anti-cryptocurrency guidance in May, which had warned trustees to exercise extreme caution when including cryptocurrencies in retirement funds.
"Every American preparing for retirement should have the opportunity to access funds that include alternative asset investments when the relevant plan trustees believe such access provides appropriate opportunities… to enhance net risk-adjusted returns," the lawmakers stated, which also included Frank D. Lucas, Warren Davidson, Marlin Stutzman, Andrew R. Garbarino, Michael V. Lawler, Troy Downing, and Mike Haridopolos.
Implementing Trump's executive order would open the $9.3 trillion U.S. 401(k) retirement market to cryptocurrencies, driving greater capital inflows into cryptocurrency exchange-traded products while positioning cryptocurrencies as a potential long-term investment strategy.
Even allocating just 1% of the $9.3 trillion held in 401(k) plans to cryptocurrencies could drive $93 billion in capital inflows, significantly exceeding the $60.6 billion that has flowed into spot Bitcoin exchange-traded funds since their launch in January 2024.
The Michigan Retirement System continues to expand its cryptocurrency ETF holdings, purchasing $10.7 million worth of the ARK 21Shares Bitcoin ETF in the second quarter.
The system also holds 460,000 shares of the Grayscale Ethereum Trust (ETHE), valued at approximately $15.6 million.
However, not all funds are holding. The Wisconsin Investment Board sold its shares of the BlackRock iShares Bitcoin Trust ETF in the first quarter, having been one of the first public pension funds to invest in cryptocurrency ETFs.
Related: Crypto leaders join CFTC digital asset group, JPMorgan executive appointed as co-chair
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