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Nine US lawmakers are turning up the heat on the SEC. They want the agency to move faster on Trump’s order to bring crypto into 401(k) retirement funds.
Lawmakers’ letter to SEC
In a letter, the group — including Financial Services Chairman French Hill and Ann Wagner — told SEC Chair Paul Atkins to help speed things up. They urged him to adjust rules so retirement savers can access crypto and other alternative assets.
The lawmakers argued this could give 90 million Americans new tools to build wealth for retirement.
From caution to action
This push follows the Labor Department’s reversal of its anti-crypto stance in May. That earlier warning told fiduciaries to tread carefully with crypto in retirement plans.
Now, lawmakers say people deserve access if it makes sense for their plans.
The numbers at stake
Trump’s executive order covers the $9.3 trillion 401(k) market. Even a 1% allocation could funnel $93 billion into crypto — far more than the $60 billion that has gone into spot Bitcoin ETFs since January 2024.
Pension funds testing crypto
Some public pension funds are already dipping in. Michigan’s retirement system bought $10.7 million in a Bitcoin ETF and still holds $15.6 million in Ethereum shares. But not everyone is sticking around. Wisconsin’s fund sold its BlackRock Bitcoin ETF shares earlier this year.
