US lawmakers warn that Trump's push to channel retirement savings into crypto could have disastrous consequences.

PANews reported on October 30th that, according to Decrypt, Senators Elizabeth Warren and Bernie Sanders sent a letter this week to SEC Chairman Paul Atkins and Labor Secretary Lori Chavez-DeRemer, warning that the Trump administration's encouragement of 401(k) providers to invest Americans' retirement savings in cryptocurrencies and private markets could have disastrous consequences. The letter points out that President Trump has recently encouraged the retirement savings industry to embrace cryptocurrencies, and that the Department of Labor has revoked the Biden administration's policy recommendation that 401(k) plans should exercise caution when investing in private market funds and high-risk assets such as cryptocurrency-related stocks and ETPs. The senators believe that the Department of Labor's efforts to legalize these financial products as safe investments are disturbing, as American workers rely on retirement savings for their later years and deserve stronger protection. This group of Democratic senators has requested that the heads of both departments provide information in the coming weeks out detailing their considerations regarding the risks of the new "dangerous" retirement savings policy.