The original release, issued under the Biden administration, had signaled skepticism about the inclusion of digital assets in retirement investment menus. It advised plan managers to treat cryptocurrencies with heightened caution, citing concerns about volatility and investor protection. However, that guidance introduced a standard—“extreme care”—not found in the Employee Retirement Income Security Act (ERISA).

In a new Compliance Assistance Release dated May 28, 2025, the Labor Department formally withdrew that earlier stance. The agency stated that it is returning to its traditional, neutral approach toward specific asset classes. This shift reaffirms that fiduciaries should evaluate investment options based on facts and context, rather than asset type alone.

The department emphasized that its role is not to endorse or prohibit particular investments, including digital assets like cryptocurrencies, tokens, or coins. Instead, fiduciaries must continue to follow ERISA’s established standard: act with the care, skill, prudence, and diligence of a prudent person focused solely on the financial interests of plan participants.

This change could open the door for broader consideration of cryptocurrency investments in retirement plans, as fiduciaries are no longer discouraged from including them—provided they meet the standard of prudent decision-making.

While the Labor Department has not taken a pro-crypto stance, its withdrawal of the Biden-era guidance signals a more neutral regulatory position. The move may encourage more retirement plans to revisit digital assets as part of their investment strategy.

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