Speaking in an interview with CNBC’s Squawk Box on July 21, SEC Chairman Gary Gensler stated that it was up to large financial institutions to decide whether or not they wanted to include cryptocurrency options in their portfolios for their customers, but that it was necessary to make the potential risks associated with cryptocurrency tokens public. The chairman opined: He added:
Gensler on whether crypto should be in a 401(k)
When the chairman was asked if cryptocurrencies ought to be included in people’s 401(k) plans and whether they need to be included in people’s portfolios, he responded: Gensler stressed that there are thousands of tokens, most of which have properties similar to securities. He noted that many new businesses and creative endeavors end in failure, and the venture capital sector is no exception. Several organizations dealing with cryptocurrencies, including the lending platform Three Arrows Capital (3AC), Celsius, and Voyager Digital, have either gone bust, filed for bankruptcy or had to suspend withdrawals. In general, many organizations have been pressured into reorganizing their business operations in order to better navigate the turbulent market.
