The US Labor Department has officially revoked its 2022 guidelines that advised fiduciaries against including cryptocurrencies in 401(k) retirement plans.
The move, announced on May 28, removes warnings that investments in cryptocurrencies posed "significant risks" to retirement savings.
The agency has stated the previous guidelines deviated from its neutral stance on fiduciary decisions.
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US Secretary of Labor Lori Chavez-DeRemer has emphasized that investment decisions should be made by plan fiduciaries, not federal regulators.
The Biden administration had argued that volatility and concerns about the valuation of cryptocurrencies made them unsuitable for retirement accounts.