The U.S. Congress is urging the SEC to allow Bitcoin and cryptocurrencies to be included in 401(k) retirement plans.

PANews reported on December 12th that, according to Cryptopolitan, the U.S. Congress is urging the Securities and Exchange Commission (SEC) to approve the inclusion of Bitcoin and other cryptocurrencies in 401(k) retirement plans. On December 11th, members of the House Financial Services Committee sent a letter to SEC Chairman Paul Atkins, urging him to update securities rules to treat digital assets as an equivalent investment class to other alternative investments in retirement accounts. The lawmakers pointed out that Americans saving for retirement deserve more investment options, and that current rules are outdated and overly restrictive, preventing millions from accessing new asset classes.

Lawmakers also emphasized the need to redefine the criteria for "accredited investors." Currently, stringent investor eligibility rules limit participation in certain private and alternative investment markets. These plans are typically only accessible to wealthy or high-net-worth individuals. Congress now wants to expand the rules to include those with professional licenses, relevant work experience, or who can pass competency tests. Lawmakers also stated that the SEC should coordinate with the Department of Labor, which oversees retirement plan trustees, to develop rules. They believe the two agencies need to find a safe and responsible way to include alternative assets in 401(k) plan investment options.