ChainCatcher news, State Street's Anna Paglia plans to push ETFs into the U.S. 401(k) retirement system. State Street's Chief Business Officer Anna Paglia stated in an interview with Bloomberg Television that the bank is working closely with regulators, investors, and plan sponsors to overcome technical and regulatory barriers to allow ETFs into 401(k) plans. She believes that ETFs can play an important role in retirement portfolios, even though the current 401(k) system primarily relies on mutual funds. Paglia joined State Street in February of this year, previously serving as the global head of ETFs at Invesco. She firmly believes that the low cost and tax efficiency of ETFs are their advantages, even though capital gains taxes do not apply to 401(k)s, and intraday liquidity is not necessary in retirement accounts.

ChainCatcher news, according to Coindesk, U.S. Republican Senator Tommy Tuberville plans to introduce legislation on Wednesday that would restrict employers and investment firms from including cryptocurrency investments in 401(k) retirement benefit plans. (Source link)

ChainCatcher news, according to Cointelegraph, U.S. Senator Cynthia Lummis stated in an interview that she remains firmly supportive of Bitcoin as part of a diversified retirement plan and hopes to see the asset included in the U.S. 401(k) retirement plans.It is reported that Lummis is one of the few politicians in the U.S. who openly supports cryptocurrency, and she has been advocating for progressive cryptocurrency regulatory policies alongside Senator Kirsten Gillibrand. Meanwhile, Senators on Capitol Hill such as Elizabeth Warren, Tina Smith, and Richard Durbin have called for Fidelity Investments to retract its 401(k) retirement products related to BTC, taking advantage of the recent turmoil in the crypto market. (Cointelegraph)