Labor Department Sends Final 401(k) Rule on Crypto, Other Alternatives to White House

The Labor Department has sent its final fiduciary safe harbor rule for 401(k) plans—covering crypto and other alternative assets—to the White House Office of Information and Regulatory Affairs, which logged the version on Nov. 5. The review is a required step before the rule can be published, and it follows earlier guidance that had cautioned plan fiduciaries about crypto. The rule matters because it could determine how easily crypto and private equity-style alternatives can be included in the roughly $12 trillion 401(k) market. What to watch next is OIRA's completion of its review and the rule's subsequent publication, which would open the door to formal implementation.