US lawmakers urge SEC to advance Trump's crypto retirement plan, which could bring $100 billion to the 401(k) market

According to Odaily Planet Daily, nine U.S. lawmakers (including French Hill, Chair of the House Financial Services Committee, and Ann Wagner, Chair of the Capital Markets Subcommittee) wrote to SEC Chairman Paul Atkins, urging him to expedite the implementation of the executive order signed by current President Trump in August on "democratizing access to alternative assets for 401(k) investors." The lawmakers asked the SEC to assist the Department of Labor in adjusting relevant regulations to enable the inclusion of crypto assets in 401(k) retirement plans. The letter pointed out that approximately 90 million retired investors in the United States are currently restricted from allocating alternative assets. If 401(k) plans are allowed to allocate 1% of their funds to crypto assets, it could bring in $93 billion in incremental funds, which is higher than the $60.6 billion that has flowed into Bitcoin spot ETFs since January 2024. (Cointelegraph)