Trump Admin Allows 401(k) Plans To Invest In Crypto

CNBC reports:

The Trump administration on Wednesday relaxed barriers in 401(k) plans to buying cryptocurrency and related digital assets like NFTs and meme coins. The Labor Department rescinded guidance put in place by the Biden-era Labor Department in 2022 that aimed to safeguard 401(k) investors from such digital assets.

At the time, the Biden labor officials cautioned employers to exercise “extreme care” before making crypto and related investments available to their workers.

They cited “serious concerns” about the prudence of exposing investors’ retirement savings to crypto given “significant risks of fraud, theft, and loss.” The Trump Labor Department has withdrawn that guidance in full.

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