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U.S. Department of Labor Reverses Crypto Guidance for Retirement Plans

The U.S. Department of Labor (DOL) has withdrawn its 2022 guidance regarding the inclusion of cryptocurrency in 401(k) plans. The original memo, issued by the DOL’s Employee Benefits Security Administration (EBSA), urged fiduciaries to exercise caution before incorporating cryptocurrencies into retirement accounts. Critics claimed this language exceeded the scope of the Employee Retirement Income Security Act (ERISA) by suggesting a biased stance towards crypto. 2023 saw an abrupt reversal.

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