Richard Neal, a Democrat from Massachusetts, is skeptical about Senators Investing in Crypto

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Last Updated on July 24, 2022 by Bitfinsider

Democratic lawmaker from Massachusetts and head of the House Ways and Means Committee Richard Neal has asked the Government Accountability Office (GAO) to investigate the viability of crypto investments in 401(k) and retirement plans for public employees.

Neal recently expressed concerns in a letter about the appeal of cryptocurrency and its accessibility to senators, representatives, and other members of Congress as well as high-level government positions that ultimately have access to pension plans, retirement plans, and other financial benefits that are typically paid for with American taxpayers’ money. He is worried about the market’s volatility and doesn’t want people to invest in buying cryptocurrency if it would put them in financial peril or down a rabbit hole.

Neal said: “Recent announcements from major DC plan providers indicate that many employers who sponsor DC plans will have the option to allow their employees to invest in cryptocurrencies. However, concerns have arisen about the risks to older Americans’ retirement security of using retirement accounts to invest in cryptocurrencies due to their volatility and limited oversight.”

Neal is requesting that the office look into which cryptocurrencies are being offered, how the District of Columbia intends to offer cryptocurrency-based retirement plans to lawmakers, and how to consult with financial regulators across the US to determine how to implement the necessary financial oversight.

Though there are always exceptions to the trend, republicans typically display more interest in cryptocurrencies than Democrats do. For instance, Kristen Gillibrand, a democrat from New York, and Cynthia Lummis, a Republican from Wyoming, recently collaborated to draft a bipartisan crypto bill that outlines future regulation for the industry and establishes the format for future regulatory laws pertaining to crypto.

Bitcoin Has Its Detractors

Contrarily, Donald Trump, possibly the most well-known republican figure of recent years, has expressed disapproval to cryptocurrencies, arguing that they pose a threat to the U.S. dollar and that he does not want the nation’s economy to suffer as a result.

Tommy Tuberville, an Alabama senator and a member of the republican party, has made significant contributions to the developing crypto sector. In May of last year, Tuberville introduced a new measure that, if passed, would ban the Labor Department from prohibiting senators and other members of Congress from investing in cryptocurrencies through their 401Ks or retirement plans.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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