Republican lawmakers are pushing to legally codify President Trump’s recently signed executive order regarding retirement plans and alternative assets, which could further push 401(k) providers to open their doors to Bitcoin and other cryptocurrencies.
Rep. Troy Downing (R-Mont.), a freshman lawmaker who has embraced cryptocurrencies as his favorite issue of the year, plans to introduce a bill on Tuesday that would codify President Trump’s August policy. presidential order Regarding cryptocurrency and 401(k) legislation, a Congressional representative acknowledged: decryption.
The one-page bill, called the Retirement Investment Choices Act, simply gives the president’s orders “the force and effect of law,” according to a copy of the bill seen by the newspaper. decryption. News of the introduction of this bill was first reported by: politiko.
President Trump’s executive order argues that Americans preparing for retirement should have access to alternative assets, including investment vehicles exposed to cryptocurrencies, in situations where a 401(k) provider is unavailable.We determine that such access provides a suitable opportunity to enhance the return on your retirement savings.
If Downing’s bill passes, the requirement would become a matter of federal law, not just executive branch policy.
“Alternative investments have the transformative potential to significantly enhance the financial security of countless Americans as they prepare for their retirement savings,” the congressman said Tuesday. decryption. “I applaud President Trump’s leadership on financial democratization and am proud to be leading Congress’ efforts to codify the President’s EO and ensure this movement continues for generations to come.”
should 25 trillion dollars US Retirement Savings Industry Opens to Crypto Products, Analysts estimate The move could inject billions of dollars into the digital asset economy.
Currently, Bitcoin and Ethereum ETFs are the only crypto assets traded directly on Wall Street. However, this situation is about to change, with a number of altcoin and memecoin exchange-traded products expected to change soon, including those exposed to Solana and Dogecoin. Obtain SEC approval.
Moreover, more and more listed companies are starting to lock in their wealth by investing in the prices of various cryptocurrencies. large scale digital asset safe.
These virtual currency-related stocks are increased rapidly In recent months, however, many people have also crashed badly.
There is little guarantee that Mr. Downing’s bill will pass, even though Republicans are now the governing triumvirate in Washington. a similar efforts Codifying the executive order signed by President Trump to establish a strategic Bitcoin reserve weakened He has been in the House of Representatives since March.
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