New York Attorney General Leticia James urged Congress to pass legislation that would prohibit Individual Retirement Accounts and other defined contribution retirement plans from investing in digital assets.
Senators Elizabeth Warren (D-MA) and Tina Smith (D-MN) challenged Fidelity Investments to defend its recent decision to allow investments in Bitcoin in its 401(k) investment plan menu.
The Department of Labor’s Employee Benefits Security Administration reminded 401(k) plan fiduciaries of their duties to participants when considering plan investments involving cryptocurrencies.
The DOL extended certain enforcement relief under a new temporary policy on prohibited transactions rules applicable to investment advice fiduciaries.
The DOL issued guidance on a February 2021 exemption that allows investment advice fiduciaries to receive compensation and engage in certain transactions otherwise prohibited under ERISA and the Internal Revenue Code.