The bill amends ERISA of 1974 to include digital assets under “covered investments,” thereby shielding investment managers from liability.
- Republican lawmakers drafted a bill enabling investment managers to offer bitcoin in 401(k) plans.
- The bill seeks to remove liability for a breach of fiduciary duty for offering access to bitcoin and cryptocurrencies.
- The bill is likely to be presented following the midterm elections in November 2022.
Three republican members of Congress presented a bill, named the Retirement Savings Modernization Act, designed to enable investment managers to offer bitcoin and cryptocurrencies in their 401(k) plans, per a Congressional filing.