US House Ways and Means chairman asks the GAO to check out crypto in retirement plans
2022.06.16 01:51
US House Ways and Means chairman asks the GAO to check out crypto in retirement plans
Chairman of the United Sates House of Representatives Ways and Means Committee Richard Neal sent a letter to the Government Accountability Office (GAO), a legislative branch watchdog, asking the agency to weigh in on the use of cryptocurrency in retirement plans. Defined contribution plans, such as the 401(k), are increasingly allowing savers to incorporate cryptocurrency in their plans, the lawmaker said, and concerns have arisen over crypto’s volatility and limited oversight.
Neal asked the GAO to compile a list of firms offering crypto options in their 401(k) plans, with an indication of the extent of utilization of those options. He also asked for a description of the administration of cryptocurrency in those plans and an assessment of the regulatory oversight and guidance they receive. The GAO publishes analyses and recommendations on a wide variety of issues of importance to the U.S. legislature. Its findings do not have the force of law.
