DOL Says 401(k) Provider Wrong on Crypto Plan Enforcement Stance

Crypto 401(k) provider ForUsAll Inc. mischaracterized the US Labor Department’s position on digital currency retirement plan investing when it asked a court to bind regulators to what the company viewed as a promise not to enforce plan guidance, the DOL said Monday.

Concessions the company alleges regulators made are “not consistent with the Department’s briefs” or subregulatory guidance the department issued in March warning retirement plans against crypto investing, DOL’s Employee Benefits Security Administration said in a brief filed Monday with the US District Court for the District of Columbia.

That guidance, which told plan sponsors they could face an ...