In a stunning twist that could only be rivaled by the plot of a particularly convoluted sci-fi novel, the U.S. Department of Labor (DOL) has decided to toss aside its 2022 guidance like a forgotten sandwich at a picnic. Yes, folks, digital assets are back on the menu for 401(k) retirement plans! 🥪💰
In a press release that probably took longer to write than it did to make the actual decision, the DOL announced it’s rolling back its previous compliance release. This was the one that told institutions to steer clear of crypto assets as if they were a particularly nasty case of intergalactic space flu.
Back in 2022, the DOL had warned fiduciaries to use “extreme care” before offering digital assets. This was a bit like telling someone to be careful while juggling chainsaws—unusual, to say the least, considering the agency usually plays it cool, like a cat lounging in a sunbeam.
U.S. Secretary of Labor Lori Chavez-DeRemer, in a statement that could be mistaken for a scene from a political drama, declared that the DOL is rolling back what she calls the “government overreach” of the Biden Administration. Because, of course, nothing says “freedom” like letting people gamble their retirement funds on the whims of the crypto market! 🎲
Chavez-DeRemer quipped, “The Biden administration’s department of labor made a choice to put their thumb on the scale. We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats.” Because who needs bureaucrats when you can have the wild west of digital currencies instead?
The DOL has made it clear that it’s neither endorsing nor disapproving of employers who choose to include crypto assets. It’s like saying, “We’re not saying you should jump off a cliff, but if you do, make sure you have a parachute.” 🪂
Previously, the DOL had expressed “serious concerns” about retirement funds being tied up in crypto, citing “significant risks of fraud, theft, and loss.” But hey, what’s a little risk when you can potentially double your money—or lose it all in a single day? 🎢
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2025-05-28 21:48