... [+]San Francisco-based 401 provider ForUsAll will allow employees to invest part of their 401 directly into the cryptocurrencies of the Coindesk Market Select Index —an index designed by the Digital Currency Group-owned crypto news site and currently made up of 28 different coins.
"This is a groundbreaking move to bring crypto to the people," Jodie Gunzberg, managing director of indices at Coindesk, said in an interview, adding it reflects the way investors access the stock market via the S&P 500 and Nasdaq 100 indices. The move is a huge expansion of the six cryptocurrencies—bitcoin, ethereum, solana, polkadot, cardano and the dollar-pegged stablecoin USDC—ForUsAll began offering to workers last year.
ForUsAll chief executive David Ramirez pointed to demand among younger people to invest in crypto and blockchain technology."Like many institutional investors, they believe blockchain is a potentially transformative technology," Ramirez said in a statement, adding ForUsAll has installed guardrails to limit investor's overall 401 crypto allocations.
The CMIS includes better-known cryptocurrencies such as bitcoin, ethereum and litecoin as well as the likes of AXS, the cryptocurrency of blockchain-based game Axie Infinity that
Curious what happens to this when SEC declares them all securities?
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