The US Department of Labor (DOL) formally rescinded a 2022 compliance release that discouraged fiduciaries from offering crypto investment options in 401(k) retirement plans, according to a May 28 announcement.
The decision withdraws “Compliance Assistance Release No. 2022-01,” which directed fiduciaries to exercise “extreme care” before including digital assets in retirement plan investment menus.
Neutrality restored
The Department now reverts to a neutral stance that adheres to the statutory language of the Employee Retirement Income Security Act (ERISA), which governs private-sector retirement plans.
In a statement, the Employee Benefits Security Administration acknowledged that the “extreme care” standard introduced in 2022 had no statutory basis in the law and departed from the department’s prior principles-based approach.
US Secretary of Labor Lori Chavez-DeRemer said:
“We’re rolling back this overreach and making it clear that investment decisions should
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