John,

A little more than a month before crypto powerhouse FTX’s value crashed from $32 billion to roughly zero, Bitcoin.com ran this celebratory headline:[1]

Thankfully, this Republican-backed bill never became law―but the fact that it was considered demonstrates the inherent risk in 401(k)s. People’s retirement accounts may not have been invested directly in cryptocurrency, but many retirement funds owned stock in FTX or other crypto firms whose value has crashed. For people whose retirements were wiped out in the crypto crash, there’s no dancing on the beach. You’ve just lost it all on a risky bet.

That’s the power of Social Security: It’s a safe bet, backed by United States Treasury bonds, the most trusted investment in the world.

Politicians like Ron Johnson and Rick Scott want to gamble your Social Security on the stock market, or chase get-rich-quick schemes like crypto. But when it comes to everyone’s retirement, it’s just too risky.

Congress must appoint crypto regulators who will fight fraud and protect our economic security! Add your name >>

Thanks,

Michael Phelan
Social Security Works

¹ https://news.bitcoin.com/us-lawmakers-introduce-bill-allowing-crypto-investments-in-401k-retirement-plans/