ML BeneBits

Hinting that the US Department of Labor (DOL) is currently working on guidance related to cryptocurrency, the Acting Assistant Secretary for the DOL’s Employee Benefits Security Administration recently commented that the DOL finds the prospect of cryptocurrency investments in 401(k) plan lineups “troubling.” This may be a sign of DOL focus on the increasing frequency of ERISA plan investments in cryptocurrency vehicles, including funds with cryptocurrency exposures.

Addressing what they call the four major “crises” facing the nation—COVID-19, the economy, climate, and inequity—US President Joseph Biden and Vice President Kamala Harris have consistently framed many of their most important executive actions and policy proposals as attempts to prioritize one or more of these four policy concerns. Read our LawFlash for a recap of some of the more wide-reaching and impactful (or in some cases, potentially impactful) executive orders, legislative actions, policy proposals, and other developments during the first 100 days of the Biden-Harris administration.

Reversing a lower court’s decision, the US Court of Appeals for the Second Circuit issued an opinion in Cooper v. DST Systems, Inc., et al., finding that an arbitration agreement signed by an employee as part of his employment did not require that he arbitrate any fiduciary breach claims challenging the investment options and fees in his employer’s 401(k) plan. Read our recent LawFlash to learn more about the decision and the potential implications.