US Labor Department Eyes 401(k) Crypto Access, Bitcoin Considered In New Rule
The US Labor Department published a proposed regulation on Monday intended to give 401(k) participants access to alternative investments, including crypto assets such as Bitcoin (BTC). The Employee Benefits Security Administration (EBSA) framed the rule as “historic,” saying it lays out a clear, process-driven framework that plan fiduciaries can follow when evaluating non-traditional assets for defined contribution plans. Safe‑Harbor Rules For 401(k) Considering Crypto At the heart of the proposal are safe-harbor procedures designed to guide plan managers through the selection of....
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The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.”
U.S. Labor Department Sued Over Crypto Guidance
The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,'” was issued on March 10.
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The Australian Department of Home Affairs stated that the country lacked the technical capabilities to implement a system that complies with the travel rule proposed for cryptocurrencies. The Department concluded this in an appearance before the Senate in Australia last Friday. However, the Australian Department also stated that, if implemented, the system would be a game-changer for preventing crypto-related crimes.
Australian Department Thinks Tech to Implement a Crypto Travel Rule Is Still Not Present
Last Friday, the Australian Department of Home Affairs acknowledged that it....
A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed.
Financial Freedom Act
The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against....
The U.S. Labor Department has “grave concerns” about Fidelity Investments allowing investors to put bitcoin into their 401(k) accounts for retirement savings. An official of the Labor Department said it risks the retirement security of Americans, stressing that “cryptocurrencies can present serious risks to retirement savings.” U.S. Labor Department’s ‘Grave Concerns’ Over Fidelity’s Bitcoin 401(k) Offering The U.S. Labor Department is deeply concerned about Fidelity Investments’ new offering to allow investors to put up to....
Inflation in the United States continues to rise as it climbed at its fastest rate in 40 years since February 1982. Statistics from the U.S. Labor Department’s Consumer Price Index (CPI) jumped 7.5% higher than it was a year ago. US Inflation Continues to Surge On Thursday, the U.S. Labor Department published its CPI report which shows inflation is not abating any time soon. The Consumer Price Index (CPI) essentially measures the average change over time that U.S. citizens pay for a basket of assorted consumer goods. The CPI for all the items jumped 0.6% last month which increased....