Massachusetts Democrat says he will fight to the end against Trump's cabinet of billionaires who only want to boost new markets for their own gains.
Massachusetts Democratic Congressman Richard E. Neal released a bombshell report to US voters on Wednesday (4).
According to him, the new study will serve as a basis to fight against any wrong policy by Donald Trump and even against the use of bitcoin and cryptocurrencies in retirement funds.
The study, commissioned by the GAO in 2022, was published on the same date as the opposition congressman's new warning. According to him, the report by the US public agency indicates a high risk in the adoption of cryptocurrencies by employee retirement funds.
“Defined contribution plans are a critical pillar of our retirement savings system, with millions of Americans investing trillions of dollars to ensure a secure tomorrow. 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 high-risk environment that cryptocurrencies bring. The crypto market, since it began to emerge as a 401(k) investment option for some retirees and investment firms in 2022, has not been fully subject to adequate oversight and regulation. As this report outlines, this has brought exceptionally high risks to retirees. Americans should have confidence that their investments are safe and do not face unnecessarily high volatility, cyber risk, and theft,” the lawmaker said.
“We will fight Donald Trump’s billionaire cabinet that wants to implement cryptocurrencies”
In Neal's public statement against Trump, he points out that the GAO study shows high risks in adopting cryptocurrencies.
So he warned that he will fight as hard as he can to protect U.S. workers from what he called the Cabinet of Billionaires assembled by Trump for his new administration.
“Ways and Means Democrats’ commitment to the American worker is unwavering, and we will continue to ensure their dignity and financial security in retirement. Whether it’s through the SECURE Act 2.0, the Butch Lewis Act, or by making improvements to the Saver’s Credit, we’ve made progress in making it easier for workers to save and plan for a secure retirement. Trump’s Billionaires ‘R’ Us cabinet will do anything to leverage new markets for its own gain, but Democrats stand ready to fight for the dignity of work and protect Americans’ financial security.”
Of course, it is not yet entirely clear what Trump intends to do in his new administration to help the bitcoin and cryptocurrency market. This Thursday (5), for example, he published congratulations to bitcoiners, after the price of bitcoin surpassed 100 thousand dollars.
What is the GAO and what does its new study say?
The GAO, or Government Accountability Office, is an independent agency of the United States government, created to ensure transparency and accountability in the use of public resources.
Its primary function is to audit, investigate, and provide analysis of the federal government's performance by assessing how government programs and activities are being implemented in relation to established laws and policies. The GAO does not have decision-making power, but its recommendations have a significant impact, helping to correct failures, improve efficiency, and ensure that government spending is done appropriately.
As the study illustrates, the new report indicates that the lack of regulation, available data, among other factors, puts the adoption of cryptocurrencies by retirement plans at risk. The agency then recommends that new regulation be introduced to improve the scenario, and a copy of the study has already been sent to the SEC, CFTC and US Department of Labor.
Founded in 1921, the GAO plays a crucial role in the U.S. government's system of checks and balances, being 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.
Thus, its importance is directly linked to ensuring that taxpayers' money is well managed and that public policies are effective and efficient.
Fonte: Livecoins