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U.S. Department of Labor Withdraws 2022 Guidance on Cryptocurrency for 401(k) Plans
According to Deep Tide TechFlow, on May 28, the U.S. Department of Labor's Employee Benefits Security Administration announced the withdrawal of the compliance guidance issued in 2022. This guidance previously required 401(k) plan fiduciaries to be 'extremely cautious' when including cryptocurrency options.
Labor Secretary Lori Chavez-DeRemer stated that the Biden administration is attempting to influence the market, withdrawing this action makes it clear that investment decisions should be made by fiduciaries rather than Washington bureaucrats.
This withdrawal restores the Department of Labor's neutral stance, neither supporting nor opposing fiduciaries' decisions to include cryptocurrency in retirement plan investment portfolios, reaffirming that investment judgment should return to the fundamental principles of the Employee Retirement Income Security Act (ERISA).
Labor Secretary Lori Chavez-DeRemer stated that the Biden administration is attempting to influence the market, withdrawing this action makes it clear that investment decisions should be made by fiduciaries rather than Washington bureaucrats.
This withdrawal restores the Department of Labor's neutral stance, neither supporting nor opposing fiduciaries' decisions to include cryptocurrency in retirement plan investment portfolios, reaffirming that investment judgment should return to the fundamental principles of the Employee Retirement Income Security Act (ERISA).
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