Wyoming Senator Cynthia Lummis sounds off on new crypto 401k investment opportunities | Billings News

WASHINGTON D.C.- The Labor Department today announcing a plan that could make change to your 401-k investments.

The proposed rule would give retirement fund participants the option of investing in private equity, crypto and even commodities.

Employers have always had the option to include those investments but few do as the process is more complicated and expensive.

Longtime crypto supporter Senator Cynthia Lummis (R-WY) says this allows Americans additional opportunities for easier access for investment for retirement.

“President Trump is delivering once again for the American people. This landmark rule tears down the bureaucratic barriers that blocked hardworking Americans from building real wealth in their retirement accounts, and it finally puts digital assets on equal footing with every other asset class,” Lummis said, “For years, Washington picked winners and losers and shut everyday investors out of the most dynamic and innovative corner of the financial markets. Today, that era is over.”

Lummis recently announced her retirement but currently sits as chair on the Senate Banking Committee Crypto Subcommittee and was an instrumental supporter of the GENIUS Act. which introduced regulations for crypto.

Todays announcement was made to be a press release and follows up on the presidents executive order titled “Democratizing Access to Alternative Assets for 401(k) Investors.”

U.S. Secretary of Labor Lori Chavez-DeRemer said in the release that this allows greater diversity for Americans when planning for the next step.

The release reads:

Under the proposed rule, when selecting investment alternatives, plan fiduciaries would need to objectively, thoroughly, and analytically consider, and make determinations on factors including performance, fees, liquidity, valuation, performance benchmarks, and complexity.