The United States Department of Labor (DOL) is revoking its 2022 guidance that prohibited the use of digital assets in 401(k) retirement plans. However, the agency is now adopting more neutral measures, allowing Bitcoin to be part of the portfolio.
Previously, the DOL under the Biden administration had issued recommendations that went against this current decision, given the high risks related to cybersecurity.
Now, the decision on whether or not to include crypto assets will be made exclusively by the fiduciary managers of these plans, who will have greater freedom to expand the range of investments. In addition, there are other classes of alternative assets that may come to make up the portfolio, such as private credit and shares in unlisted companies.
According to Bloomberg, the flexibility has systemic relevance: 401(k) plans totaled US$8.9 trillion in assets by the end of 2024. Therefore, it is a relevant phenomenon, as it changes an entire retirement strategy.
For supporters of the measure, the decision represents a democratization of access to investment opportunities previously restricted to large investors. They see crypto assets as a possibility of increasing long-term returns, as long as they are incorporated within a solid policy of diversification and risk control.
Critics warn of cybersecurity challenges, price instability and lack of regulation. However, the current government is more favorable to the current scenario, being an approximation to the world of digital finance.
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