U.S. Representative Maxine Waters sent a letter to the U.S. Department of Labor, urging the withdrawal of a proposal that would allow 401(k) retirement accounts to invest in alternative assets such as cryptocurrencies. Waters is currently the ranking Democratic member of the House Financial Services Committee, and if Democrats regain a majority in the House in the November midterm elections, she is expected to become chair of the committee again. Waters stated that before the SEC establishes a comprehensive investor protection framework for digital assets, it is not appropriate to include crypto assets in the retirement savings of ordinary Americans. She noted that the digital asset market still faces risks such as regulatory gaps, market volatility, and investor losses. (CoinDesk)