New York’s Attorney General wants lawmakers to ban the use of crypto assets as an investment option for retirement accounts.

In the letter addressed to members of Congress, the attorney general claimed that US lawmakers need to protect workers’ retirement funds from high-risk crypto assets.

It follows the recent collapse of FTX which delivered billions in losses to retail users.

She added that while investment in crypto assets has found momentum over the past few years, these assets “have no intrinsic value on which their prices are based.”

James also urged Congress to reject a recent law that would prevent the Secretary of Labor from banning digital asset investments.