First Crypto 401(k) Coming, Defying Labor Department Warnings

The company suing the US Labor Department over threats to investigate cryptocurrency-friendly retirement plans is set to launch the nation’s first crypto-accessible workplace 401(k) this summer, company officials told Bloomberg Law.

San Francisco-based plan provider ForUsAll Inc. will launch an Alt 401(k) product “later this summer” that lets employee investors transfer up to 5% of their nest eggs directly into more than 50 different cryptocurrencies.

The rollout will likely transform what has, until now, been a theoretical showdown between fintech firms and federal regulators over the role of digital assets in employer-sponsored retirement plans. ForUsAll is poised to become a ...