The US is moving to relax longstanding constraints on digital-asset products, most immediately in retirement plans, after House members urged the SEC to implement President Donald Trump’s order on opening the $12.5 trillion 401(k) market to crypto.
The SEC reportedly plans to “create new rules to allow crypto companies to launch products in the US without having to comply with previous regulatory requirements,” describing the mechanism as an “innovation exemption.”
Separately, members of the House Financial Services Committee sent a letter to SEC Chairman Paul Atkins endorsing Trump’s executive order directing the Labor Secretary to consult with the commission to “facilitate access to alternative assets for participant-directed defined-contribution retirement savings plans.”
The lawmakers asked the SEC to assist the Labor Department to make any necessary revisions to its current regulations and guidance and to review bipartisan legislation on accredited-investor criteria and qualified-purchaser status.
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It further notes that any expanded menus would remain subject to ERISA (1974) oversight.
“We are hopeful that such actions will help the 90 million Americans that are currently restricted from investing in alternative assets to secure a dignified, comfortable retirement.
Signatories included Committee Chairman Rep. French Hill and Rep. Maxine Waters as ranking member.
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