Bernie Sanders, Elizabeth Warren Urge Labor Department to Drop Bitcoin, Crypto 401K Plan
Bernie Sanders and Elizabeth Warren urged the Labor Department to reject a proposed rule that would make it easier for fiduciaries to include risky assets like Bitcoin, private equity, and private credit in 401(k) plans. They argue the rule would weaken ERISA’s prudence standard by presuming fiduciaries acted carefully instead of requiring them to prove it, conflicting with statute, regulations, and Supreme Court precedent. The lawmakers say the change would expose workers’ retirement savings to volatile, opaque, and largely unregulated investments. They also claim it could financially benefit President Trump and his family by expanding access to Trump-linked digital assets, including World Liberty Financial tokens and a Trump meme coin. The letter says the policy would help the digital asset industry at the expense of retirees.
