U.S. Regulator Urges Congress to Act Fast on Crypto Regulation
CFTC Chairman says digital asset marketplaces should be regulated with tactics such as needing to register with federal overseers.
DOL Rejects ForUsAll’s ‘Tactical Retreat’ in Crypto Retirement Case
The DOL shot back at 401(k) provider ForUsAll’s offer to drop its suit if the court confirmed a DOL warning about crypto in retirement plan as “not binding.”
FTX Bankruptcy Has Chilling Effect on Crypto Use in Retirement Plans
The collapse of the cryptocurrency exchange and related plummet in the crypto market has increased concern about including the asset in DC plans.
Regulators: Crypto, Fake IRAs Increasingly Used to Scam Older Investors
Representatives from NASAA, the SEC, and FINRA spoke about the need for financial advisers and firms to be trained to notice more intelligent, and increasingly bold scams from fraudsters.
ForUsAll Will Drop DOL Crypto Suit if Court Confirms Prior Guidance is Non-Binding
ForUsAll CEO David Ramirez says the firm offered to drop its lawsuit against the DOL so long as the agency confirms its warning on cryptocurrency in retirement plans does “not have the force of law.”
Young Workers Want Cryptocurrency in 401(k)s
These workers are more likely to consider a broad range of retirement plan investments and want more options.
Financial Advisers Increasingly Turn to Alternative Investments Amid Stock and Bond Declines
A Broadridge adviser survey saw an 8% jump in alt investment use over the year, though many aren’t fully satisfied with available options.
Growth of Digital Assets Spurs New Regulatory Proposals
As interest in cryptocurrencies for retirement grows, policymakers look for ways to contain the risk of digital assets without limiting innovation.
Bitwage Partners with ForUsAll to Introduce Crypto in 401(k) Plans
The platform will allow participants to invest up to 5% of their portfolio into cryptocurrency.
New Bill Seeks to Encourage 401(k) Investment in Alternative Assets
The Retirement Savings Modernization Act aims to clarify ERISA to incentivize retirement investment in assets such as real estate, private equity, and cryptocurrencies.
Senators Raise Concerns About Bitcoin in Retirement Plans
Several U.S. Senators have sent a letter requesting answers from Fidelity on their decision to allow plan sponsors to offer participants exposure to bitcoin.
Cryptocurrency in DC Plans
Fool’s Gold for 401(k)s?
Labor Secretary Walsh Talks Crypto, DOL Budget
Labor Secretary Marty Walsh testified to Congress that DOL is open to a rule that would regulate cryptocurrency in retirement accounts—and potentially more broadly than that.
Legislative and Judicial Actions
Crypto Investing and Financial Literacy Across Generations
While most people in each generation still expect to rely on traditional income sources such as 401(k)s and Social Security in retirement, cryptocurrency has also made it onto the list.
DOL Compliance Notice Warns Against Crypto Risks
The DOL’s Compliance Assistance Release No. 2022-01 urges plan fiduciaries to exercise ‘extreme care’ before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu.
What’s Good for Them
Nearly 60% of Investors Surveyed Want Digital Assets in Retirement Plans
However, the survey found almost two-thirds of advisers wouldn’t recommend retirement investors allocate funds to any digital asset.
Investment Product and Service Launches
Titan launches cryptocurrency portfolio; American Equity Investment Life Insurance introduces EstateShield index; Natixis Investment Managers combines businesses to single division; and more.