US Department of Labor Withdraws Guidance to Refrain from Including Virtual Assets in Retirement Plans
Summary
- The US Department of Labor announced the withdrawal of its guidance to refrain from including virtual assets in 401(k) plans.
- Secretary Lori Chavez-DeRemer mentioned that the previous guidance could limit trustees' investment decisions.
- This move has shifted the Department of Labor's stance on virtual assets to a neutral position.
The US Department of Labor has reportedly withdrawn its guidance on virtual assets (cryptocurrencies) for 401(k) plans. Previously, the Department had advised trustees to refrain from including virtual assets in the 401(k) retirement plan.
On the 28th (local time), according to Walter Bloomberg, the US Department of Labor withdrew its guidance on virtual assets (cryptocurrencies) for 401(k) plans.
Lori Chavez-DeRemer, the Secretary of Labor, stated that the previous guidance was an overreach of government authority, emphasizing that investment decisions should be made by trustees, not government officials.
Meanwhile, with this withdrawal, the Department of Labor has returned to a neutral stance on the inclusion of virtual assets in retirement plans.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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