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U.S. Congress Urges SEC Chair Atkins to Permit Bitcoin in 401(k) Plans

U.S. Congress Urges SEC Chair Atkins to Permit Bitcoin in 401(k) Plans

Members of Congress advocate for updating outdated securities rules to include Bitcoin and other crypto assets in 401(k) plans and redefine the 'qualified investor' standard.

BTC

Summary

On December 12, U.S. Congress members called on SEC Chair Paul Atkins to revise securities regulations to allow Bitcoin and other cryptocurrencies in 401(k) plans. The lawmakers argued that outdated rules restrict access to digital assets for millions of Americans and called for expanding the qualified investor standard.

Terms & Concepts
  • SEC (U.S. Securities and Exchange Commission): The U.S. Securities and Exchange Commission oversees and enforces federal securities laws, regulating markets and protecting investors.
  • 401(k): A tax-advantaged retirement savings plan offered by U.S. employers, allowing employees to invest pre-tax income for future use.
  • Cryptocurrency: A digital or virtual currency secured by cryptography, operating on decentralized blockchain networks.