New York Attorney General, Letitia James, has addressed a letter to members of the U.S congress urging leaders to pass legislation that puts a stop to retirement funds, such as individual retirement accounts and other pension plans, being invested in digital assets, such as cryptocurrencies and digital coins and tokens.
With recent crypto market crashes, general market turbulence, and government retirement plans such as 401(k) and 457 plans being instrumental in supporting millions of Americans, James is recommending new legislation that protects workers' retirement funds and avoids risky investments such as cryptocurrencies. According to a New York Government press release, two congressional bills have been put forward that will allow crypto investments in retirement plans, the Retirement Savings Modernization Act and the Financial Freedom Act of 2022, both of which Attorney General James is seeking to reject.
This letter comes after Asset Manager, Charles Schwab, conducted a survey in October which saw half of U.S investors say that they would like to see crypto as part of their retirement plans. James' main reasons for the prohibition of crypto investments are the unstable nature of digital currencies, risk of fraud, and the protection of American workers, their families, and their savings.
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