- Senators Pat Toomey (R-PA) and Tim Scott (R-SC) and Representative Peter Meijer (R-MI) introduced the Retirement Savings Modernization Act.
- The Act would empower retirement savers to choose from a wide range of asset classes.
- While crypto is not specifically mentioned, the Act unlocks elective alternatives including digital assets.
- Contact: [email protected]
Washington, D.C., 29 September 2022 – The Crypto Council for Innovation supports the introduction of the Retirement Savings Modernization Act released today by Senators Pat Toomey (R-PA) and Tim Scott (R-SC) and Representative Peter Meijer (R-MI).
“This bill unlocks more options for millions of Americans,” said Brett Quick, Head of Government Affairs, Crypto Council. “We applaud the leadership of Senator Toomey, Senator Scott, and Representative Meijer for recognizing that a wide range of investment options should be available for retirement savers so they can choose how to best plan for their futures.”
The Act clarifies that under the Employee Retirement Income Security Act (ERISA), plan fiduciaries may offer a wide range of asset classes as investment options. While crypto is not specifically mentioned, the Bill would enable Americans to choose to include digital assets as a part of their retirement plans.
Importantly, the bill preserves investor protections and the high fiduciary standard which applies to these plan sponsors and advisers. Read a summary of the bill or the full text.
About the Crypto Council for Innovation
The Crypto Council is the premier global alliance for advancing innovation. It believes in leading with a global view, advocating for inclusive regulation and developing evidence-based insights to support government and business leaders. It is headquartered in San Francisco and Washington, DC, with teams in New York, Denver, Brussels, London and Hong Kong.
