Last week, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) made a joint appearance on CNBC to discuss their bipartisan bill regulating the cryptocurrency industry. Host Andrew Ross Sorkin asked the Senators if they thought it was a good idea to allow people to invest their 401(k) retirement accounts in Bitcoin.
Thank you, Jud. I for one have been suspicious of cryptocurrency and you have made it (somewhat) clear that it should be avoided as a vehicle for secure investments especially in 401(k) plans.
I think these two, and I have a great mistrust of Gillibrand, have a hidden agenda.
Judd great job. We know the GOP would love to back a place to hide money to exempt it from taxes. But we have bipartisan support here. Hoping pocket lining on both sides of the aisle will be paid in Bitcoin. I don' t know whether to laugh or cry.
The poor saps sticking money in a 401k. And from theooks of Twitter lots of saps are Bitcorn dealing.
Bury your 401k in your back yard, it will be safer.
I'm so sick of crypto. I hope these senators lose their entire investments in it. Of course they already have skin in the game. There is no end and no bottom to how low senators will sink (on both sides of the aisle) to line their pockets first. They do not care about the majority and the greater good. We need to get rid of career politicians at every level of government. This cannot continue or we are doomed as a nation.
What amazes me about crypto, is beside a being 99% a pyramid scheme, it’s a pyramid scheme that’s highly susceptible to cyber theft. So it’s not a same as most pyramid schemes. But it’s flashy and new, so people buy in. I dread the future reckoning. (The 1% that’s not pure pyramid scheme is crypto’s usefulness for money laundering. Not exactly a social good.)
Let’s not forget the ridiculous waste of resources it takes to mine most cryptocurrency. I can see a Republican not caring about that, but a Democrat encouraging it is shameful.
Crypto is, in some respects, another move to diminish and end the power of national governments to regulate the conduct of the powerful. Crypto provides the means for extranational corporations and other groups to escape any limits on their ability to do harm.
This is the dumbest recommendation since "corporations are people" became law. And revolving door between CFTC and crypto business is a clear sign crypto bros are loading the dice once again. Everything I read about crypto is that it's a giant Ponzi scheme. And it's so vaguely defined and cryptic I guess that's why it's called "crypto"! Stay far, far away from it, especially in retirement savings until it's better defined and understood! Definitely needs regulation, but even the regulators can't define it!
Thanks for the heads up, Judd. I live in New York City and have called Sen, Gillibrand's office to express my deep concern about the bill and acknowlede your article. Keep up the good work.
Crypto in 401(k)s scares the daylights out of me. I wouldn’t be surprised if we saw class action suits against employers who allow this in their plans alleging breach of fiduciary duty.
Instead of innovating and solving climate change, we are intentionally inventing technology that makes it worse??
Shame on these Senators for not addressing the elephant in the room capable of smothering their grandchildren. Crypto has bigger future issues than regulation. Where is Jane Fonda when I need her??? 🙃
Thank you, Jud. I for one have been suspicious of cryptocurrency and you have made it (somewhat) clear that it should be avoided as a vehicle for secure investments especially in 401(k) plans.
I think these two, and I have a great mistrust of Gillibrand, have a hidden agenda.
Crooked politicians, desperate to prop up their stupid investments.
cathy bjust now
Judd great job. We know the GOP would love to back a place to hide money to exempt it from taxes. But we have bipartisan support here. Hoping pocket lining on both sides of the aisle will be paid in Bitcoin. I don' t know whether to laugh or cry.
The poor saps sticking money in a 401k. And from theooks of Twitter lots of saps are Bitcorn dealing.
Bury your 401k in your back yard, it will be safer.
I'm so sick of crypto. I hope these senators lose their entire investments in it. Of course they already have skin in the game. There is no end and no bottom to how low senators will sink (on both sides of the aisle) to line their pockets first. They do not care about the majority and the greater good. We need to get rid of career politicians at every level of government. This cannot continue or we are doomed as a nation.
What amazes me about crypto, is beside a being 99% a pyramid scheme, it’s a pyramid scheme that’s highly susceptible to cyber theft. So it’s not a same as most pyramid schemes. But it’s flashy and new, so people buy in. I dread the future reckoning. (The 1% that’s not pure pyramid scheme is crypto’s usefulness for money laundering. Not exactly a social good.)
Is it sad that I was suspicious from the moment I saw a Republican and a Democrat both supporting the legislation?
Thank you. It’s important to know the extent to which our elected representatives represent themselves.
Let’s not forget the ridiculous waste of resources it takes to mine most cryptocurrency. I can see a Republican not caring about that, but a Democrat encouraging it is shameful.
Thank you Judd!
We knew Gillibrand was n.g. when she went after Al Franken. Now this! Grrrr. Thanks for spelling this out for us, Judd.
Crypto is, in some respects, another move to diminish and end the power of national governments to regulate the conduct of the powerful. Crypto provides the means for extranational corporations and other groups to escape any limits on their ability to do harm.
"You want some assets [in a retirement account] that are just a store of value, and I think that's where bitcoin really shines."
"In the last 6 months, for example, Bitcoin has plummeted 43%."
Yep, I see no contradictions there, carry on
This is the dumbest recommendation since "corporations are people" became law. And revolving door between CFTC and crypto business is a clear sign crypto bros are loading the dice once again. Everything I read about crypto is that it's a giant Ponzi scheme. And it's so vaguely defined and cryptic I guess that's why it's called "crypto"! Stay far, far away from it, especially in retirement savings until it's better defined and understood! Definitely needs regulation, but even the regulators can't define it!
Thanks for the heads up, Judd. I live in New York City and have called Sen, Gillibrand's office to express my deep concern about the bill and acknowlede your article. Keep up the good work.
Crypto in 401(k)s scares the daylights out of me. I wouldn’t be surprised if we saw class action suits against employers who allow this in their plans alleging breach of fiduciary duty.
Instead of innovating and solving climate change, we are intentionally inventing technology that makes it worse??
Shame on these Senators for not addressing the elephant in the room capable of smothering their grandchildren. Crypto has bigger future issues than regulation. Where is Jane Fonda when I need her??? 🙃