The US Now Allows Its Citizens to Buy Crypto in Retirement Funds
The United States government now allows its citizens to purchase crypto in their retirement accounts. The Department of Labor has delegated investment rights to fund managers, but they must be able to demonstrate that the investments are viable and responsible.
In 2022, the Department of Labor issued strict guidelines warning pension fund managers to be cautious before adding cryptocurrency options to their 401(k) investment menu. This is because the Biden administration has been very strict towards the digital asset industry.
For your information, a 401(k) is a retirement program in the US that allows employees to invest a portion of their salary into investment products determined by their employer and fund managers. Fund managers typically invest in stocks, bonds, and mutual funds.
The change in regulations indicates that US President Donald Trump implemented a softer policy towards this industry. He promised to make the United States the capital of crypto in the world.
