Democratic Congressman from Massachusetts, Richard E. Nealreleased a bombastic report to American voters last Wednesday (4).
According to him, the new study will serve as a basis to fight against a possible wrong policy of Donald Trump and even against the use of bitcoin and cryptocurrencies in pension funds.
The study, commissioned by the GAO in 2022, was published on the same date as the opposition delegate’s new warning. According to him, the US government agency’s report points to a high risk in the adoption of cryptocurrencies by employee pension funds.
“Defined contribution plans are an important pillar of our retirement savings system, with millions of Americans investing trillions of dollars to ensure a secure future. As markets evolve and new investment vehicles emerge, it is the federal government’s responsibility to ensure adequate oversight. Today’s report shows that more needs to be done to protect American workers and their retirement savings from the volatile and risky environment that cryptocurrencies present. The crypto asset market has not been fully subject to adequate supervision and regulation since it emerged as a 401(k) investment option for some retirees and investment firms in 2021. As this report describes, this poses exceptionally high risks for retirees. Americans should be able to trust that their investments are safe and will not face unnecessarily high volatility, cyber and theft risks“, said the legislator.
“We will fight against Donald Trump’s cabinet of billionaires who want to implement cryptocurrencies”
In Neal’s public statement against Trumphe indicates that the GAO research shows high risks in the adoption of cryptocurrencies.
For example, he warned that he will fight as best he can to protect American workers from what he called the Cabinet of Billionaires, which was put together by Trump for his new administration.
“The Ways and Means Democrats’ commitment to the American worker is unwavering, and we will continue to ensure their dignity and financial security beyond retirement. Whether it’s the SECURE Act 2.0, the Butch Lewis Act, or improving Saver’s Credit, we’ve made progress to make it easier for workers to save and plan for a secure retirement. Trump’s Billionaires ‘R’ Us Cabinet will do everything it can to exploit new markets for its own gain, but Democrats are willing to fight for the dignity of work and protect Americans’ financial security.”
Of course, it’s still not entirely clear what Trump plans to do in his new administration to help the bitcoin and cryptocurrency market. This Thursday (5) for example he published congratulations to bitcoinersafter the price of bitcoin surpassed 100 thousand dollars.
What is the GAO and what does the new study say?
THE GAOof Government Accountability Office, is a independent agency of the US governmentestablished to ensure transparency and accountability in the use of public resources.
Its primary function is to monitor, investigate, and analyze the performance of the federal government, evaluating how government programs and activities are implemented in relation to established laws and policies. THE GAO has no decision-making authority, but its recommendations have significant impactwhich can correct failures, improve efficiency and ensure that public expenditure is appropriate.
According to the study illustrates the matter, the new report indicates that the lack of regulation and available data, among other things, endangers the adoption of cryptocurrencies by pension plans. The agency then recommends that new regulations be put in place to improve the scenario, and a copy of the study has already been sent to the SEC, CFTC and the US Department of Labor.
Founded in 1921, the GAO plays a critical role in the U.S. government’s system of checks and balances and is essential for overseeing the use of public resources.
By producing detailed reports and providing technical advice, GAO serves as a trusted source of information for both Congress and the general public.
Like this, its importance is directly related to ensuring that taxpayers’ money is well managed and that government policy is effective and efficient.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
