US Labor Department Adopts Neutral Stance on Bitcoin in 401(K) Plans
- The US Labor Department has rescinded its 2022 guidance warning against Bitcoin and cryptocurrencies in retirement plans.
- The department will now maintain a neutral position, allowing fiduciaries to decide on cryptocurrency inclusion.
- US Secretary of Labor Lori Chavez-DeRemer criticized the previous guidance as an overreach.
- The change aligns with the Employee Retirement Income Security Act’s provisions.
- State pension funds in Michigan and Wisconsin are investing in Bitcoin ETFs despite past federal warnings.
The US Labor Department’s reversal of its 2022 guidance allows fiduciaries to consider including Bitcoin in 401(K) plans, aligning with a broader trend of US government agencies warming up to cryptocurrencies.
Source (2.6)https://coingape.com/us-labor-department-withdraws-rule-against-bitcoins-inclusion-in-retirement-plans/?rand=24432
