NY AG calls for restrictions on crypto in retirement savings

Does cryptocurrency belong in your 401(k)? Questions about cryptocurrency in New York turn to retirement savings.
Published: Nov. 23, 2022 at 8:17 AM EST
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PLATTSBURGH, N.Y. (WCAX) - Does cryptocurrency belong in your 401(k)? New York’s attorney general is trying to get Congress to pass a law banning retirement investments in digital assets.

New York Attorney General Letitia James wants lawmakers to prevent people from investing their retirement savings into things like cryptocurrencies, digital coins and digital tokens because of their high volatility and the risk of scams.

James says with recent crypto market crashes and other market turbulence, it’s necessary to protect workers’ retirement funds.

“Over and over again, we have seen the dangers and pitfalls of cryptocurrencies and the wild swings in these funds. Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies,” James, D-New York Attorney General, said in a statement.