US Lawmakers Draft Bill To Allow Bitcoin And Crypto In 401(K) Plans
Lawmakers have drafted a bill which will enable investment managers to offer Bitcoin in 401(K) plans:
U.S. LAWMAKERS DRAFT BILL TO ALLOW BITCOIN, CRYPTO IN 401(K) PLANS
Three republican members of Congress presented a bill, named the Retirement Savings Modernization Act, designed to enable investment managers to offer bitcoin and cryptocurrencies in their 401(k) plans, per a Congressional filing.
The proposed bill amends the Employee Retirement Income Security Act of 1974 to add classifications to the types of assets fiduciaries are permitted to offer.
“A fiduciary shall not be liable for a breach of fiduciary duties under this section solely for — recommending, selecting, or monitoring any covered investment as an investment option for a plan,” reads the bill.
The document continues to define a “covered investment” and lists “digital assets” along with the other standard assets which can be managed within a standard 401(k) savings plan.
Full article here: https://bitcoinmagazine.com/legal/us-bill-to-let-401-k-plans-invest-in-bitcoin-crypto