1210-AC38 comment 3738 Moreno, Claudia 06012026
Claudia MorenoOpposeIndividual
Summary: An individual commenter opposes the proposed regulation, arguing that it fails to sufficiently address the risks associated with cryptocurrency investments in retirement accounts. They express concern that allowing under-regulated assets like crypto to be accessible to mass audiences without extensive financial knowledge could harm retirees.
Department of Labor; Employee Benefits Security Administration
RIN 1210-AC38
I think the proposed regulation should be opposed on the behalf of employees. The under regulation of cryptocurrency poses a risk on the economic positioning of retirees both in the near and far future. In the recent years, I watched reports of people pouring their life saving into cryptocurrency in hopes making returns for their future and what followed was a collapse in the liquidity pool of that cryptocurrency. What is just as concerning for me is that, these people had no direct legal recourse because crypto has been new and not treated similarly to our more established financial institutions. Cryptocurrency as a possible alternative investment in 401Ks should be avoided because allowing something under regulated to a mass audience would be a disservice. There should be some limit to risks that employees can be exposed to without extensive knowledge of finances. I would appreciate this perspective being taken into account and this proposed regulation to be rejected.