Labor Department rescinds Biden-era guidance for crypto in 401(k) plans
May 28 2025 - 5:49PM
Cointelegraph
The US Labor Department has officially rescinded guidance issued
during the Biden administration that limited the inclusion of
cryptocurrency in 401(k) retirement plans.
On May 28, the Labor Department revoked
a 2022 guidance that had urged fiduciaries to be “extremely
cautious” when considering cryptocurrency for 401(k) retirement
plans. The move could give asset managers more flexibility to
include digital assets in retirement investment options.
The government agency removed the guidance asserting that it
represented a departure from the department’s “historically
neutral, principled-based approach to fiduciary investment
decisions.”
“We’re rolling back this overreach and making it clear that
investment decisions should be made by fiduciaries, not D.C.
bureaucrats,” said US Secretary of Labor Lori Chavez-DeRemer.
The Labor Department under Biden criticized the practice of
marketing cryptocurrencies to 401(k) participants. At the time, the
agency claimed cryptocurrencies posed “significant risks and
challenges” to participants’ retirement accounts due to their
“speculative and volatile” nature and “valuation concerns,” among
other reasons.
The American Banking Association (ABA) criticized the 2022 compliance release, claiming
that it did not make the guidance available for public comment and
review prior to issuance.
Related: Fidelity introduces retirement accounts
with minimal-fee crypto investing
Trump administration shifts crypto landscape
President Trump has pledged to make the United States “the world
capital of crypto” during his 2024 campaign.
Under his administration, the Securities and Exchange Commission
has scaled back several enforcement actions and investigations
involving Web3 companies such as Uniswap, Coinbase, and Kraken,
while also
engaging in policy discussions on topics like real-world asset
tokenization and the regulatory status of certain tokens.
At the same time, some lawmakers have expressed concerns about
Trump’s involvement in the crypto space,
including calls for greater scrutiny of his associated
ventures.
Magazine: Trump’s crypto ventures raise conflict of
interest, insider trading questions
...
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