Retirement plans that are clients of financial institutions marketing cryptocurrency products won’t automatically be subjected to a US Labor Department audit, an agency official said Monday.
The comments from Ali Khawar, acting assistant secretary of employee benefits, come as Fidelity Investments Inc. prepares to launch one of the first mainstream crypto products for 401(k) investors, despite DOL warnings. That’s raised fears from some Fidelity clients that their association with the company could lead to investigative action.
“That’s not really the way our enforcement program works,” Khawar said at a conference of the International Foundation of Employee Benefit Plans. The agency ...