Atkins, US SEC Chairman: "Pension reform to be carefully coordinated with the Department of Labor"

Paul Atkins, a member of the United States Securities and Exchange Commission (SEC), stated that the Commission will closely coordinate and approach cautiously the planned revisions of 401(k) pension regulations with the Department of Labor.

According to Bloomberg on the 18th (local time), Chairman Atkins said in a televised interview, "This matter must be approached carefully and wisely," adding, "We will consult with the Department of Labor." Previously, President Trump was reported to be considering opening the roughly $9 trillion US pension market to alternative investment assets such as virtual assets (cryptocurrencies), gold, and private equity funds. Specific details have yet to be determined, and elements are currently under discussion.

Chairman Atkins emphasized, "Many investors want access to private markets, but there are significant differences in liquidity and transparency compared to public markets," and stressed, "Investors especially need to know clearly which products they are investing in." When asked about the possibility of including cryptocurrencies in pension plans, he added, "We will wait to see what decision the President makes."

The outlet reported, "Since taking office in April as head of the SEC, Chairman Atkins has signaled a 'new era for the SEC' and pushed for strong reforms," and, "Seen as friendly toward the adoption of cryptocurrencies, he has repealed a number of policies advanced under the previous Gary Gensler regime."