In The Press June 28, 2022

Cryptocurrencies as Investment Options in 401(k) Plans (FinTech Law Report)

On March 10, 2022, the U.S. Department of Labor issued a Compliance Assistance Release addressing its views on the availability of cryptocurrencies on 401(k) investment platforms. This guidance comes as more 401(k) plan service providers have announced their intention to make digital currencies available on their platforms. While the DOL has not taken a definitive position, it has expressed concern with cryptocurrencies being made available to 401(k) plan participants. The DOL urges plan fiduciaries to proceed with “extreme care before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu.” Goodwin ERISA Litigation partner Alison Douglass and associate DeMario Carswell; Digital Currency & Blockchain partner Meghan Spillane; and Complex Litigation & Dispute Resolution associate Frank DelPesce explain more in this byline article. Read the FinTech Law Report article here.