Press Releases

Ways and Means Committee Ranking Member Richard E. Neal (D-MA) released a new report from the Government Accountability Office (GAO) on the use of cryptocurrency in employer-sponsored retirement plans. Neal requested the report back in 2022 as many major defined contribution plan providers announced the option to invest in cryptocurrencies and after the Department of Labor cautioned that plan sponsors should exercise extreme care with cryptocurrency.

“Defined contribution plans are a key leg in our three-legged retirement savings system, with millions of Americans investing trillions of savings for a secure tomorrow. As markets evolve and new investing vehicles emerge, it is incumbent on the federal government to ensure proper oversight. Today’s report shows there’s more to do to protect American workers and their retirement savings from the volatile, high-risk environment that comes with cryptocurrencies. The crypto market, since it began emerging as a 401(k)-investment option for some retirees and investment firms in 2022, has not been fully subjected to proper oversight and regulation. As a result, as this report outlines, it has brought uniquely high risk to retirees. Americans must be confident that their investments are secure, and do not face unnecessarily high volatility, cybersecurity, and theft risk. 

“Ways and Means Democrats’ commitment to the American worker is ironclad, and we will continue to ensure their dignity and financial security in retirement. Whether it was through the SECURE Act 2.0, the Butch Lewis Act, or making enhancements to the Saver’s Credit, we have made progress in making it easier for workers to save and plan for a secure retirement. Trump’s Billionaires ‘R’ Us cabinet will go to any length to leverage new markets for their own gain, but Democrats stand ready to fight for the dignity of work and protect Americans financial security.”

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