Under Fire From Biz Groups, DOL Stands By Crypto Guidance – Law360

By Kellie Mejdrich (April 22, 2022, 6:31 PM EDT) — The U.S. Department of Labor has no plans to withdraw cryptocurrency guidance for retirement plan fiduciaries that business groups have criticized as an end-run around the formal rulemaking process, the acting head of the DOL’s employee benefits arm told Law360 in an exclusive interview Friday. 

The U.S. Chamber of Commerce and other groups sent a letter April 12 to Ali Khawar, acting assistant secretary for the DOL’s Employee Benefits Security Administration, asking that the agency yank a compliance assistance release issued in March. The guidance covers fiduciary obligations involving cryptocurrency in retirement plans regulated by the Employee Retirement Income Security Act….

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