{"id":460546,"date":"2022-06-10T10:40:59","date_gmt":"2022-06-10T07:40:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/yellen-doubts-cryptos-place-in-401k-says-congress-could-regulate\/"},"modified":"2022-06-10T10:40:59","modified_gmt":"2022-06-10T07:40:59","slug":"yellen-doubts-cryptos-place-in-401k-says-congress-could-regulate","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/yellen-doubts-cryptos-place-in-401k-says-congress-could-regulate\/","title":{"rendered":"# Yellen doubts crypto\u2019s place in 401(k), says Congress could regulate"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27815135a17\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27815135a17\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/yellen-doubts-cryptos-place-in-401k-says-congress-could-regulate\/#%E2%80%9D_Yellen_doubts_cryptos_place_in_401k_says_Congress_could_regulate_%E2%80%9C\" >&#8221; Yellen doubts crypto\u2019s place in 401(k), says Congress could regulate &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Yellen_doubts_cryptos_place_in_401k_says_Congress_could_regulate_%E2%80%9C\"><\/span>&#8221; Yellen doubts crypto\u2019s place in 401(k), says Congress could regulate &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2RjNTc0NDQtZjEwZS00OWQxLWI2MDQtNGE1NDU0YWU5OTc0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The Secretary of the United States Treasury, Janet Yellen, weighed in on including cryptocurrencies in retirement plans, calling them a very risky investment that should be regulated by Congress.\u00a0<\/p>\n<p>During an event organized by the New York Times in Washington on June 9, Yellen <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-09\/yellen-says-crypto-is-very-risky-option-for-retirement-savers\">shared<\/a> her opinion on the pioneer attempt to include crypto in retirement plans undertaken by Fidelity Investments:<\/p>\n<p>\u201cIt\u2019s not something that I would recommend to most people who are saving for their retirement. To me it\u2019s very risky investment.\u201d<\/p>\n<p>The discussion around digital currencies in 401(k) plans saw the participation of the Department of Labor, and senators Elizabeth Warren, Tommy Tuberville and Cynthia Lummis.\u00a0<\/p>\n<p>Yellen went as far as to say that Congress could regulate the type of assets that can be included in retirement programs: <\/p>\n<blockquote><p>\u201cI\u2019m not saying I recommend it, but that to my mind would be a reasonable thing.\u201d<\/p><\/blockquote>\n<p>The last statement is important in the context of a legislative uncertainty that has been following the topic of crypto as a retirement investment since the very beginning. 401(k) investments are subject to the Employee Retirement Income Security Act of 1974. It doesn\u2019t specify which asset classes can or cannot be included in a 401(k), but <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fisherphillips.com\/news-insights\/6-things-employers-offering-cryptocurrency-401ks.html\">obliges<\/a> fiduciaries to \u201cshow the care, skill, prudence and diligence that a prudent person would exercise.\u201d<\/p>\n<p><strong><em>Related: Crypto 401(k): Sound financial planning or gambling with the future?<\/em><\/strong><\/p>\n<p>In April, Fidelity announced that it would allow 401(k) retirement saving account holders to directly invest in Bitcoin (BTC). The United States Department of Labor (DOL) responded with a compliance report, threatening legal action, while senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota requested the firm to provide answers on how they are planning to address risks laid out by the DOL. <\/p>\n<p>Meanwhile, Senator Tommy Tuberville from Alabama has unveiled a \u201cFinancial Freedom Act\u201d to allow investors to add cryptocurrency to their 401(k) retirement savings plan and Wyoming Senator Cynthia Lummis teased the legalization of crypto in 401(k)\u2019s as a part of her long-anticipated crypto bill. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/yellen-doubts-crypto-s-place-in-401-k-says-congress-could-regulate\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Yellen doubts crypto\u2019s place in 401(k), says Congress could regulate &#8220; The Secretary of the United States Treasury, Janet Yellen, weighed in on including cryptocurrencies in retirement plans, calling them a very risky investment that should be regulated by Congress.\u00a0 During an event organized by the New York Times in Washington on June 9,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":460547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvN2RjNTc0NDQtZjEwZS00OWQxLWI2MDQtNGE1NDU0YWU5OTc0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,81188,73711,70934],"class_list":["post-460546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-janet-yellen","tag-investments","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=460546"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/460546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/460547"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=460546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=460546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=460546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}