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U.S. Department of Labor has reversed its previous stance and now supports allowing cryptocurrency in 401(k) retirement plans. The agency had previously warned investment managers to be extremely cautious with digital assets but has now stepped back from those restrictions. This marks a major shift in federal policy regarding crypto investments.
Secretary of Labor Lori Chavez-DeRemer announced the change stating that investment choices should be made by fiduciaries and not by Washington officials. She criticized the previous administration’s attempt to limit crypto by calling it government overreach. This move signals stronger support for digital assets under the current leadership.
Other government bodies have also begun to ease restrictions on cryptocurrency. The FDIC has withdrawn its rules requiring banks to report crypto activity and the Federal Reserve has softened its stance on banks working with digital currencies. These rollbacks reflect a growing acceptance of crypto across multiple federal agencies.
