law360 stacked 1 Retirement Plan Provider Tries to Stop DOL Crypto Guidance

Retirement Plan Provider Tries to Stop DOL Crypto Guidance

– A retirement plan provider has filed a lawsuit against the US Department of Labor, claiming that its guidance on cryptocurrency in 401(k) plans is unlawful.

– The provider, ForUsAll Inc., alleges that the DOL’s Employee Benefits Security Administration violated the Administrative Procedure Act with its March 10 compliance assistance release.

– In that document, EBSA warned employers to exercise “extreme care” before offering cryptocurrency investments through an Employee Retirement Income Security Act plan.

– ForUsAll contends that the DOL’s guidance is effectively a rule that should have gone through the notice-and-comment process required under federal law.

 

 

law360 stacked Retirement Plan Provider Tries to Stop DOL Crypto Guidance
Retirement Plan Provider Tries to Stop DOL Crypto Guidance 3

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