Senior Democrats oppose plan to add crypto to 401(k)s

Senior Democratic lawmakers are moving to block a Trump administration push to allow virtual assets and private equity funds in 401(k) retirement plans, The Guardian reported. In a joint letter to the U.S. Department of Labor (DOL), Senators Bernie Sanders and Elizabeth Warren, along with Representative Bobby Scott, the ranking member of the House Committee on Education and Labor, argued the move would expose workers to extreme financial risk. They specifically cited President Trump's memecoin as an example of failure. The lawmakers stated that such high-risk assets would destroy retirement savings and indicated they may file a lawsuit to have the regulation overturned. They also directly addressed a potential conflict of interest, suggesting the policy is tied to the private financial interests of President Trump's family.