Warren cites FBI data quite harshly—2025 hits a new high in crypto fraud records. This is when you open a safe harbor for 401(k)s; the trustee is indeed exempt from liability. Who cares whether your retirement funds get rug-pulled?

U.S. Senators Sanders and Warren, along with Representative Scott, have written to the Department of Labor, requesting the withdrawal of the proposed rule, opposing the inclusion of alternative assets such as cryptocurrencies in 401(k) plans. They describe this rule as establishing a safe harbor for trustees, weakening investor protections, and promoting high-risk, higher-cost investments; and express concerns about digital asset volatility and fraud, citing FBI reports that crypto fraud hit a record high in 2025, while also alleging conflicts of interest, claiming this move harms the interests of ordinary workers.