Two U.S. senators are calling for the withdrawal of a proposed rule that would allow crypto assets to be included in 401(k) plans.

Odaily Planet Daily News: U.S. Senators Bernie Sanders and Elizabeth Warren, along with Representative Robert Scott, have sent a letter to the U.S. Department of Labor, demanding the withdrawal of a proposed rule that would allow 401(k) retirement plans to include alternative assets such as cryptocurrencies.

In the letter, the lawmakers stated that the rule would establish a so-called "safe harbor" for fiduciaries offering alternative investments, weakening the investor protections long enjoyed by retirement savers, and could encourage the allocation of higher-risk, more complex, and more costly investment products.

It is reported that the U.S. Department of Labor published this proposed rule in March of this year, providing a guiding framework for 401(k) plan administrators to incorporate alternative assets such as private equity, real estate, and digital assets into their investment portfolios. (The Block)