Republican Lawmakers Urge SEC to Act on Trump’s Crypto 401(k) Order
A group of Republican lawmakers is urging the Securities and Exchange Commission (SEC) to quickly implement President Trump’s executive order. The order allows millions of Americans to add cryptocurrencies like Bitcoin and Ethereum to their 401(k) retirement accounts.
The letter was signed by House Financial Services Committee Chairman French Hill (AR-02), Subcommittee on Capital Markets Chair Ann Wagner (MO-02), and several other members of Congress. They called on SEC Chairman Paul Atkins to act without delay.
Details of the Executive Order and Lawmakers’ Request
The executive order was signed on August 7. It sets a clear policy that Americans preparing for retirement should have the option to invest in funds including alternative assets. This applies when plan managers believe these investments could improve returns.
Other signatories include Rep. Frank Lucas (OK-03), Rep. Warren Davidson, Rep. Marlin Stutzman, Rep. Andrew Garbarino, Rep. Mike Lawler, Rep. Troy Downing, and Rep. Mike Haridopolos. They praised the order as a way to give workers more freedom and new tools to build retirement wealth.
The lawmakers urged the SEC to work with the Department of Labor to update rules that currently limit retirement plan options. They want the SEC to review standards for “accredited investors” and “qualified purchasers” to expand access.
Call for Regulatory Updates and Bipartisan Legislation
In their letter, the lawmakers wrote, “We applaud the EO’s policy that every American preparing for retirement should have access to funds that include investments in alternative assets when the relevant plan fiduciary determines that such access provides an appropriate opportunity to enhance the net risk-adjusted returns.”
They also asked the SEC to consider bipartisan legislation in the 119th Congress addressing accredited investor rules. The group noted that nearly 90 million Americans are currently excluded from these investment options, limiting their choices compared to institutional investors.
The lawmakers said these changes could help ordinary Americans achieve a more secure and comfortable retirement. They closed their letter by urging swift action so workers can benefit from the order as soon as possible.
