Bloomberg Law
April 28, 2022, 9:30 AM

Fidelity’s 401(k) Crypto Plan Sets Up Regulatory Guessing Game

Austin R. Ramsey
Austin R. Ramsey

Fidelity Investments Inc.'s decision to launch a 401(k) cryptocurrency product is beyond the scope of the U.S. Labor Department’s regulatory warning on such investments, but the giant money manager is firing its own shot across the agency’s bow that crypto belongs in retirement savings plans.

The multinational financial services firm seemingly snubbed guidance the Labor Department issued in March announcing an “investigative program” aimed at companies that offer crypto products.

But the company won’t be in the department’s crosshairs because the DOL’s regulatory authority extends only as far as fiduciaries that exercise direct control over U.S. retirement plans, not service ...

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