US Labor Dept. Rescinds Crypto Limits for 401(k)s

The US Labor Department has revoked its 2022 guidance discouraging cryptocurrency in 401(k) plans. The May 28 reversal allows fiduciaries more flexibility in offering digital assets.

Secretary Lori Chavez-DeRemer called the old policy bureaucratic overreach.

The Biden administration had warned crypto posed risks to retirement savings.

The American Banking Association had opposed the original guidance for lacking public input.