US Department of Labor Cautions 401(K) Plan Fiduciaries to Exercise Extreme Care as They Consider Cryptocurrencies

The U.S. Department of Labor published guidance for 401(k) plan fiduciaries considering plan investments in cryptocurrencies, in an effort aimed at protecting the retirement savings of U.S. workers. “Today’s announcement reminds plan fiduciaries of their important role in selecting investment options for 401(k) plan menus,” said Employee Benefits Security Administration Acting Assistant Secretary Ali Khawar. “At this stage of cryptocurrency’s development, fiduciaries must exercise extreme care before including direct investment options in cryptocurrency.”