Trump Wants Crypto In Your 401(k) Plan
HuffPost
The administration threw out an earlier recommendation that 401(k) managers exercise “extreme care” when it comes to steering investors into bitcoin.
The Trump administration did another favor for digital currencies like bitcoin on Wednesday, retracting earlier federal guidance that discouraged cryptocurrencies for retirement plans.
The 2022 advice issued under former President Joe Biden urged 401(k) managers to exercise “extreme care” before making crypto an investment choice for workers. But the Labor Department said Wednesday it was tossing that guidance aside because it wasn’t “neutral.”
“The Biden administration’s department of labor made a choice to put their thumb on the scale,” Trump’s labor secretary, Lori Chavez-DeRemer, claimed in a statement. “We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats.”
Trump, who once called bitcoin “a scam,” has become a huge booster for crypto after the industry rallied behind his run for the White House last year. Regulators halted several investigations of crypto companies after Trump assumed office, while the president hosted a crypto “summit” at the White House.
Meanwhile, crypto has become a way for Trump’s backers — including those in foreign countries — to steer money to his family. The president held a gala at his Virginia golf club last week for the biggest investors of his own meme coin, using his office to promote the Trump family crypto venture.
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