PANews June 27 news, according to CoinDesk, U.S. House Democrat Maxine Waters submitted an 11-page comment letter to the Department of Labor, requesting the withdrawal of a proposal allowing 401(k) retirement plans to invest in alternative assets (including private equity, private credit, real estate, commodities, and digital assets).

Waters said: "The Department of Labor on the one hand endorses digital assets as suitable for ordinary Americans' retirement savings, while on the other hand the Securities and Exchange Commission (SEC) is still building investor protection mechanisms aimed at ensuring ordinary investors can safely invest in these assets — this itself is contradictory. The risks extend beyond the volatility of individual tokens (though volatility is indeed significant); they reflect a widespread deterioration across the entire digital asset ecosystem, with trading activity, developer participation, and user engagement all declining sharply."

Waters previously chaired the House Financial Services Committee during the last Democratic administration. If the Democrats win a majority in the U.S. House after the midterm elections in November, she may again serve as the committee's chairperson.