U.S. Lawmakers Urge Labor Department to Withdraw Bitcoin 401(k) Proposal

Senators Bernie Sanders and Elizabeth Warren, along with Representative Bobby Scott, have called on the U.S. Labor Department to abandon a proposed rule concerning Bitcoin investments in 401(k) retirement accounts. According to NS3.AI, the lawmakers argue that the proposal could impact approximately $14.2 trillion in American 401(k) accounts and potentially undermine the prudence standard set by the Employee Retirement Income Security Act (ERISA). Acting Labor Secretary Keith Sonderling defended the proposal, stating that it maintains a prudent process for retirement investments.