The U.S. Department of Labor rescinds 2022 guidance on cryptocurrency in 401(k) plans

ChainCatcher News, the U.S. Department of Labor has officially rescinded its 2022 guidance that warned fiduciaries against including cryptocurrencies in 401(k) retirement plans. The previous stance called for "extreme caution," which was a departure from the Department's long-standing neutral approach under the Employee Retirement Income Security Act (ERISA).

Labor Secretary Lori Chavez-DeRemer criticized the previous position as excessive government intervention, stating that investment decisions should be made by fiduciaries rather than bureaucrats.

This reversal of position signifies the Department's return to a neutral stance—neither encouraging nor discouraging the inclusion of crypto assets in retirement plans.