New York Attorney General LetitiaJames has urged Congress to pass a law prohibiting crypto investments in retirement accounts. cryptocurrency
“Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies,” she stressed.New York Attorney General Letitia James announced Tuesday that she has “urged congressional leaders to adopt legislation that would prohibit investing retirement funds in digital assets, such as cryptocurrencies, digital coins, and digital tokens.
In the letter she sent to Sen. Ron Wyden , Sen. Mike Crapo , Rep. Richard Neal , and Rep. Kevin Brady Tuesday, James wrote: On behalf of the people of the state of New York, I urge Congress to pass legislation to designate digital assets — e.g., cryptocurrencies, digital coins, and digital tokens — as assets that cannot be purchased using funds in Individual Retirement Accounts and defined contribution plans, such as 401 and 457 plans.
James provided a few reasons why cryptocurrencies are too risky to be allowed in retirement plans. In addition to having no intrinsic value, she said they are extremely volatile and “often an instrument for fraud and crime.” The attorney general also referenced the terra crash and FTX meltdown, both of which were followed by crypto market sell-offs. Crypto exchange FTX filed for
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