Odaily News The U.S. Department of Labor has withdrawn its 2022 guidance that warned fiduciaries not to include cryptocurrencies in 401(k) plans. The guidance, which urged “extreme caution,” runs counter to the Labor Department’s traditionally neutral stance under the Employee Retirement Income Security Act (ERISA).
Labor Secretary Lori Chavez-DeRemer criticized the previous stance as government overreach and said investment decisions should be left to fiduciaries, not bureaucrats.
With the reversal, the department returned to a neutral stance — neither encouraging nor discouraging the inclusion of cryptocurrencies in retirement plans.