May 28 (UPI) -- The Trump administration on Wednesday revoked Biden-era guidance on cryptocurrency-related 401 (k) plans and other digital assets.
President Donald Trump's U.S. Labor Department withdrew full guidance put in place in 2022 by then-President Joe Biden's administration. It advised American companies to exercise "extreme care" prior to allowing crypto-related retirement investments as an option for employees.
It cited "serious concern" over the level of negative exposure for investors given reports of "significant risks of fraud, theft and loss" and with crpyto linked to ISIS and other acts of international terrorism.
Now, the department says it's "neither endorsing, nor disapproving of" employers who opt to add cryptocurrency to a list of 401 (k) investments, adding that Trump's policy change will extend to a "wide range" of other digital assets such as tokens, coins, crypto assets "and any derivatives thereof."
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