Trump revokes Biden-era guidance, uses it to boost cryptocurrency investments in 401(k) plans

the Trump administration is revoking the guidance issued by the US Department of Labor in 2022, which discourages companies from investing in cryptocurrencies in 401(k) plans. The guidance from the Biden era warns companies to be "extra cautious" before adding cryptocurrencies to employee investment options. On May 28, the Employee Benefits Security Administration, a sub-agency of the Department of Labor, stated that the Biden administration's stance contradicts the neutral position that the agency is required to take by law. The statement said that looking ahead, the department will neither support nor oppose specific investment choices.