March 22, 2023

  • Republican lawmakers drafted a bill enabling investment managers to offer bitcoin in 401(k) plans.
  • The bill seeks to remove liability for a breach of fiduciary duty for offering access to bitcoin and cryptocurrencies.
  • The bill is likely to be presented following the midterm elections in November 2022.

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.

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