U.S. Department of Labor Withdraws Guidance Prohibiting Cryptocurrency in 401(k) Plans
According to market news: The U.S. Department of Labor has withdrawn its 2022 guidelines that warned trustees against including cryptocurrencies in 401(k) plans. The guidelines urged "extreme caution" in incorporating cryptocurrencies into retirement plans, which contradicted the Department of Labor's traditionally neutral stance under the Employee Retirement Income Security Act (ERISA). Labor Secretary Lori Chavez-DeRemer criticized the previous position as government overreach and stated that investment decisions should be left to trustees, not government agencies. With this reversal, the department has returned to a neutral stance—neither encouraging nor discouraging the inclusion of cryptocurrencies in retirement plans.
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