Maxine Waters requests withdrawal of a proposal allowing cryptocurrency investments in retirement accounts ahead of potential committee leadership.
A senior U.S. House Democrat has called on the Department of Labor to withdraw a proposal permitting cryptocurrency investments in 401(k) retirement plans. Maxine Waters, ranking member of the House Financial Services Committee, submitted an 11-page comment opposing the rule, which aims to expand retirement accounts to include digital assets, private equity, and commodities.
The proposal, introduced in March, stems from a directive by former President Donald Trump to broaden investment options in 401(k) plans. Waters, who may chair the committee if Democrats regain control in November, argued the plan is unsuitable for everyday retirement savers.
The Labor Department has not yet responded to Waters’ request, leaving the proposal’s fate uncertain as midterm elections approach.