U.S. Representative Maxine Waters calls for the withdrawal of the proposal to allow 401(k) investments in digital assets
By: rootdata|2026/06/27 08:42:36
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According to Coindesk, U.S. House Democrat Maxine Waters submitted an 11-page letter to the U.S. Department of Labor, requesting the withdrawal of a proposal that would allow 401(k) retirement plans to invest in alternative assets, including private equity, private credit, real estate, commodities, and digital assets. Waters stated, "On one hand, the Department of Labor acknowledges that digital assets are suitable for the retirement savings of ordinary Americans, while on the other hand, the Securities and Exchange Commission (SEC) is still building investor protection mechanisms aimed at ensuring the safety of ordinary investors in these assets, which is inherently contradictory. The risks are not limited to the volatility of individual tokens (although the volatility is indeed significant); it reflects a general deterioration of the entire digital asset ecosystem, with trading activity, developer participation, and user engagement all significantly declining."
Waters previously served as the chair of the House Financial Services Committee during the last time the Democrats were in power, and if the Democrats win a majority in the U.S. House of Representatives after the midterm elections in November, she may again serve as the chair of that committee.
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