Thanks to FTX and SBF, here's another anti-crypto recommendation by the New York Attorney General.
reaffirmed regulators’ belief about the need for stricter oversight across the crypto ecosystem. Seeking investor protection against a similar fallout, New York Attorney General Letitia James recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts .to the members of the U.S. Congress, James requested legislation that would bar U.S.
First and foremost, the NYAG pointed out the importance of protecting retirement savings in the long term. Secondly, she highlighted Congress' historical obligation to protect the retirement funds of U.S. citizens. James used narratives including frauds and lack of sufficient guardrails as her third reason to prohibit crypto investments. The final concern was around the volatility and custodial and valuation uncertainties.
On the other hand, the NYAG clarified that there is a distinction between digital assets and blockchain technology. She does believe that U.S. citizens should be allowed to purchase stakes in publicly traded blockchain-based businesses in retirement accounts. Key considerations by NYAG for the prohibition of crypto investments via retirement funds. Source: ag.ny.gov
An immediate measure in this regard would be adding subparagraphs to existing laws — 26 U.S. Code § 408: Individual retirement accounts and 29 U.S. Code § 1104: Fiduciary duties — for prohibiting digital assets investments.
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