Bloomberg: Trump pushes for the inclusion of Crypto Assets in pension accounts, but still faces the risk of welfare lawsuits.

On June 3, Bloomberg reported that the potential risk of litigation could hamper U.S. President Donald Trump’s push to include more cryptocurrencies in employee retirement accounts for employers who have a legal obligation to regulate employees’ 401(k) investments. The U.S. Department of Labor has revoked guidance from the Biden administration, which warned corporate retirement plans to avoid allocating digital assets. It’s part of a broader policy shift by the White House to push for the opening of 401(k) accounts to alternative assets, including private equity, especially as Trump-backed businesses ramp up their Bitcoin investments. Currently, crypto assets account for less than 1% of the $9 trillion 401(k) market, which has traditionally been almost entirely concentrated in stocks and bonds. Note: “Benefit litigation” refers to legal proceedings brought by or on behalf of employees, retirees against employers, pension plan administrators (trustees) or related organizations regarding employee benefit plans such as pensions, 401(k), medical insurance, etc.