U.S. Congressional Officials Propose Legislation to Expand 401(k) Investment Options to Include Cryptocurrencies

Three U.S. congressional Republicans have reportedly introduced legislation to expand the types of investments that 401(k) administrators and other defined-contribution plans can make, including investing in digital assets. The Retirement Savings Modernization Act would also allow trustees to recommend cryptocurrencies or other traditional financial investments, such as entry into hedge funds or private equity, without legal liability. With the legislative calendar shortened and two of its sponsors leaving Congress, the new bill has a good chance of becoming law.