「加密退休计划」遭民主党猛批：特朗普在「收割」美国工人养老金

Original author: Micah Zimmerman

Original compilation: AididiaoJP, Foresight News

Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) have called on the Labor Department under the Trump administration to rescind a rule that would open up U.S. retirement savings accounts to Bitcoin and other cryptocurrencies. The lawmakers argued that the move would jeopardize workers' financial futures while allowing President Trump and his family to profit.

On Monday, three Democrats sent a 14-page letter to Acting Labor Secretary Keith Sonderling. Along with Sanders and Warren, House Education and Workforce Committee Ranking Member Bobby Scott (D-VA) strongly condemned the rule proposed by the Labor Department in March.

The rule would provide protections for fiduciaries of 401(k) plans, allowing them to offer volatile assets—including cryptocurrencies, private equity, and private credit—provided the fiduciaries can demonstrate they weighed relevant factors before offering these assets.

"The proposed rule is harmful to American workers and contravenes the law, congressional intent, existing regulations, and case law," the letter states.

What Impact Would the Rule Have?

The proposal stems from an executive order President Trump signed in August of last year, directing the Labor Department to review the treatment of alternative assets in retirement plans. Under current law, fiduciaries managing 401(k) plans must adhere to strict "prudence" standards—a requirement rooted in the Employee Retirement Income Security Act (ERISA) of 1974 and reinforced by Supreme Court precedent.

Democratic lawmakers argue that the new rule would flip this standard. Instead of needing to prove they conducted due diligence, fiduciaries would be presumed to have fulfilled their duty of prudence as long as they followed the process outlined in the rule.

The lawmakers stated that this shift conflicts with decades of legal precedent and would expose approximately $14.2 trillion held in U.S. 401(k) accounts to assets characterized by extreme price volatility and limited regulation.

The Financial Industry Regulatory Authority (FINRA) has warned that crypto investments "exhibit higher volatility relative to traditional investment assets" and carry a "significant risk of losing the entire investment." FBI reports show that cryptocurrency scam losses exceeded $11 billion in 2025, making it one of the highest-loss categories in cybercrime.

Argument on Trump's Conflict of Interest

The Democratic lawmakers' criticism extends beyond retirement policy, directly pointing to conflicts of interest. Trump's adult children manage the family's crypto business, which, according to the Wall Street Journal, has raised approximately $5 billion for the Trump family since launching its digital currency last September.

The Trump family's crypto portfolio includes World Liberty Financial's WLFI and USD1 tokens, as well as the official Trump meme coin—which surged to over $75 during Trump's inauguration in January 2025 before crashing to around $2.

"The aforementioned change to the prudence standard expands the opportunity for President Trump and his family to profit at the expense of taxpayers, workers, and retirees," the letter states.

The consumer advocacy group Americans for Financial Reform echoed similar concerns. Oscar Valdés Viera, a senior policy analyst with the group, said: "Opening 401(k) accounts to these products could turn workers' retirement savings into tools akin to a Ponzi scheme, offering a lifeline to an industry desperate for new funds."

The letter also cited data on elderly poverty: Over 22.8% of seniors in the U.S. live in poverty, compared to 5.1% in Denmark, 5.8% in France, and 12.6% in Germany—highlighting the risk that retirees cannot afford significant losses.

The Government's Defense

The Trump administration describes the rule as a measure to expand worker choice.

Acting Labor Secretary Sonderling stated in a press release: "The days of the Labor Department picking winners and losers are over. Our rule makes clear that managers must assess any potential product offering by following a prudent process."

Treasury Secretary Scott Bessent also expressed support, calling the rule "another step leading into President Trump's 'Golden Age'."