The U.S. Department of Labor rescinds the 2022 guidance on Crypto Assets for 401(k) plans.

On May 28, the U.S. Department of Labor officially rescinded its 2022 guidance that warned fiduciaries against including Crypto Assets in 401(k) retirement plans. The previous position called for "extreme caution," which was different from the Department's long-standing neutral stance under the Employee Retirement Income Security Act (ERISA). Labor Secretary Lori Chavez-DeRemer criticized the previous position as excessive government intervention, stating that investment decisions should be made by fiduciaries, not bureaucrats. This reversal of position means the Department of Labor is returning to a neutral stance—neither encouraging nor discouraging the inclusion of Crypto Assets in retirement plans.