What a 401k Fiduciary Needs to Know About The DOL’s Rescission of 2022 Crypto Guidance
Of Counsel Michelle Capezza was quoted in Fiduciary News discussing the Department of Labor’s recent Compliance Assistance Release, which rescinds its 2022 guidance on cryptocurrency in retirement plans.
Michelle explains how this development effectively confirms that, under ERISA, it's up to plan fiduciaries to decide whether it’s appropriate to offer cryptocurrency or other digital asset investment options in 401(k) plans. She comments, “The plan fiduciaries should engage in a prudent selection and monitoring process of cryptocurrency investments as they would with other investment options under ERISA’s principles, and tailor their diligence for the special issues raised by these investment and related products.”
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