The U.S. Department of Labor officially rescinded the guidance that restricted the inclusion of cryptocurrencies in 401(k) retirement plans during the Biden administration.
On May 28, the U.S. Department of Labor revoked a 2022 guidance that urged trustees to be "extremely cautious" when considering the inclusion of cryptocurrencies in 401(k) retirement plans. This move may provide asset managers with more flexibility to incorporate digital assets into retirement investment options.
The government agency stated that the guidance deviated from the Department of Labor's "historically neutral, principle-based approach to fiduciary investment decision-making."
"We are rescinding this overreach and making it clear that investment decisions should be made by fiduciaries, not Washington bureaucrats," said U.S. Labor Secretary Lori Chavez-DeRemer.
During the Biden administration, the Department of Labor criticized the practice of promoting cryptocurrencies to 401(k) participants. At that time, the agency claimed that cryptocurrencies posed "significant risks and challenges" to participants' retirement accounts due to their "speculative and volatile" nature and "valuation issues."
The American Bankers Association (ABA) criticized the 2022 compliance notice, stating that it did not publicly solicit input and review the guidance before its release.
Former President Trump has promised to make the U.S. the "world's cryptocurrency capital" during his 2024 campaign.
Under his administration, the U.S. Securities and Exchange Commission (SEC) has scaled back several enforcement actions and investigations involving Web3 companies like Uniswap, Coinbase, and Kraken, while also engaging in policy discussions on topics such as the tokenization of real-world assets and the regulatory status of certain tokens.
Meanwhile, some lawmakers have expressed concerns about Trump's involvement in the cryptocurrency space, including calls for stricter scrutiny of his related businesses.
Related: Cryptocurrency expert Sacks suggests the U.S. may "increase its holdings of Bitcoin (BTC)."
Original article: “U.S. Department of Labor Rescinds Biden-era Guidance on Cryptocurrency in 401(k) Plans”
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