Trump Administration Lifts Restrictions on Cryptocurrency Investments in Pension Plans

On the 28th, the U.S. Department of Labor announced the official abolition of the 2022 compliance guidelines that had restricted the addition of cryptocurrency investment options to the 401k retirement plan (defined contribution pension). The guidelines established under the Biden administration had urged trustees to exercise 'extreme caution' with respect to cryptocurrency investments. Labor Secretary Lori Chavez-Deremer stated, 'The Labor Department under the Biden administration had taken a biased stance. We are revoking this overreach to clarify that investment decisions should be made by trustees, not bureaucrats.' The new administration is emphasizing a return to a neutral, principle-based approach. The 2022 guidelines cited fraud, theft, and loss risks as reasons for...