Two U.S. senators have pushed the Labor Department to withdraw a proposed rule that would include cryptocurrency in 401(k) plans.

CoinFeed reported on June 3 that, according to The Block, U.S. Senators Bernie Sanders and Elizabeth Warren, along with Representative Robert Scott, have written to the Department of Labor requesting the withdrawal of a proposed rule that would allow 401(k) retirement plans to include alternative assets such as cryptocurrencies. The lawmakers stated in the letter that the proposed rule would create a so-called safe harbor for trustees offering alternative investments, which would strip retirement savers of long-standing investor protections and encourage the use of riskier, more complex, and expensive investments. The Department of Labor published the proposed rule in March, providing guidance steps for 401(k) plan managers to include alternative assets, including private equity, real estate, and digital assets, in their portfolios.