Trump rescinds Biden-era guidance, seizing the opportunity to boost cryptocurrency investments in 401(k) plans
The Trump administration has rescinded the guidance from the Biden era that discouraged companies from investing in cryptocurrencies within 401(k) plans. The Department of Labor's statement noted that the Biden administration's stance contradicted the agency's expected neutrality, and in the future, the department will neither support nor oppose specific investment choices
The Trump administration is rescinding the guidance issued by the U.S. Department of Labor in 2022, which discouraged companies from investing in cryptocurrencies within 401(k) plans. The guidance from former President Biden's era advised companies to "exercise extreme caution" before adding cryptocurrencies to employee investment options. On May 28, the Employee Benefits Security Administration (EBSA) under the Department of Labor stated that this position (of the Biden administration) contradicted the agency's legal obligation to maintain neutrality, and moving forward, the department will neither support nor oppose specific investment options.
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