Support for Executive Order 14330: Expanding Crypto in Retirement Plans
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Legislative Advocacy for Crypto Access in Retirement Funds
A coalition of U.S. legislators, spearheaded by French Hill, the Chairman of the House Committee on Financial Services, has formally communicated with Paul Atkins, Chair of the Securities and Exchange Commission (SEC). Their correspondence expresses robust backing for Executive Order 14330. This legislative initiative is designed to broaden the accessibility of cryptocurrency assets to 401(k) investors, potentially transforming the landscape of retirement savings.
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Incorporating Cryptocurrency into Retirement Portfolios
In their letter to Chairman Atkins, the lawmakers underscored the executive order’s capacity to substantially enhance retirement savings for countless Americans. They stressed the critical role of granting access to alternative investment options, including cryptocurrencies. Such access, when deemed suitable by plan fiduciaries, could significantly improve the net risk-adjusted returns of retirement accounts.
The legislators urged the SEC to partner with the Department of Labor to amend current regulations and guidelines. This collaboration aims to make these investment opportunities available to a more diverse array of investors.
Bipartisan Efforts to Reform Investment Regulations
The lawmakers also highlighted that the executive order mandates the SEC to facilitate the inclusion of alternative assets specifically within participant-directed defined contribution retirement plans. This could entail revisiting the criteria for accredited investors and qualified purchasers.
The bipartisan group pressed the SEC to swiftly assist the Secretary of Labor in implementing the necessary regulatory changes. They also called upon the SEC to consider bipartisan legislative measures currently progressing through Congress, which aim to redefine the classification of accredited investors.
The ultimate goal of these initiatives is to empower approximately 90 million Americans, who presently face barriers to investing in cryptocurrencies and alternative assets. By doing so, they hope to help individuals achieve a secure and comfortable retirement.
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