March 30 (UPI) -- The U.S. Department of Labor proposed a new rule on Monday that would allow people to invest alternative assets like cryptocurrency into their 401(k) plans.
The department seeks to open 401(k) retirement investment up to assets like cryptocurrency, real estate and private-market assets.
"Our goal is to deliver on President [Donald] Trump's promise for a new golden age by fostering a retirement system that allows more Americans to retire with dignity," U.S. Secretary of Labor Lori Chavez-DeRemer said in a statement. "This proposed rule will show how plans can consider products that better reflect the investment landscape as it exists today."
The rule calls for fiduciaries to consider the performance, fees, liquidity, valuation and complexity of assets when determining their consideration for investment into a 401(k) plan.
There are already no restrictions on including alternative assets like cryptocurrency, real estate or private-market assets, though fiduciaries have treaded lightly on them out of fear that those assets may be challenged legally.
