NEW YORK – New York Attorney General Letitia James today urged congressional leaders to adopt legislation that would prohibit investing retirement funds in digital assets, such as cryptocurrencies, digital coins, and digital tokens. Individual retirement accounts (IRAs) and defined contribution retirement plans, like 401(k) plans and 457 plans for government employees, are key retirement investments for millions of hardworking Americans. Recently, a major financial institution has offered Bitcoin as an investment option in its 401(k) plans, and other financial institutions are expected to follow suit. With recent crypto market crashes and other market turbulence, Attorney General James stressed the need to protect workers’ retirement funds and avoid the dangers of risky cryptocurrencies.
“Investing Americans’ hard-earned retirement funds in crashing cryptocurrencies could wipe away a lifetime’s worth of hard work,” said Attorney General James. “Over and over again, we have seen the dangers and pitfalls of cryptocurrencies and the wild swings in these funds. Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies. I urge Congress to take action to protect working families from having their retirement accounts dry up because of crypto investments.”
Two congressional bills have been proposed to allow crypto investments in retirement plans and prevent…
