Trump Boosts Crypto in 401(k)s by Axing Biden-Era Guidance (1)

The Trump administration is rescinding 2022 US Labor Department guidance that discouraged workplace 401(k) cryptocurrency investing.

The Biden-era guidance cautioned companies to exercise “extreme care” before adding crypto to their employees’ investment menus. That stance departed from the neutral approach the DOL’s Employee Benefits Security Administration is required to take by law, the agency said in a statement Wednesday.

The 2022 guidance threatened an “investigative program” aimed at plan sponsors that offered workers crypto either through plan menus or self-directed brokerage windows. It chilled emerging interest in a crypto exchange market that had attracted some 401(k) providers ...