Sanders, Warren Urge Labor Department to Scrap Crypto 401(k) Rule

On June 2, Senators Bernie Sanders and Elizabeth Warren sent a 14-page letter urging the Labor Department to withdraw its proposed rule easing cryptocurrency inclusion in 401(k) plans. The pushback follows the Blockchain Association’s June 1 endorsement of the measure implementing Executive Order 14330, which would clarify that ERISA does not bar any asset class and potentially open crypto exposure to 60 million participants. Analysts estimate the change could funnel hundreds of billions into digital assets, yet the senators warn it weakens ERISA prudence standards and risks the $10–14.2 trillion retirement sector. The Department of Labor continues to accept public comments before finalizing the rule.