News & Analysis as of

Department of Labor (DOL) Bitcoin

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with Bitcoin ETFs

Until they say otherwise, the Department of Labor (DOL) doesn’t want to see crypto in 401(k) plans. I think the door for Bitcoin in 401(k) plans opens a little bit because the ETFs will probably smooth over the volatility of...more

McAfee & Taft

Bitcoin ETFs and workplace retirement plans: DOL has ‘serious concerns’

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The U.S. Securities and Exchange Commission (SEC) recently approved applications from large investment firms to offer spot bitcoin exchange-traded funds (ETFs). Retail investors can now buy bitcoin ETFs on traditional...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Bitcoin will be visited again

Despite my concerns about allowing crypto options in 401(k) plans, that issue will be back for us. As Bitcoin is at $37,000 and rising, there is expected approval of Bitcoin Exchange Traded Funds....more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - March 2023

Circuits Split Over Whether Targeting Is Necessary for Seller Liability - Key Points - - While courts have long held that solicitations must be tailored to a particular audience to precipitate statutory seller liability,...more

Kerr Russell

A Fair Warning: 401(k) Plan Sponsors May be Hard-Pressed to Defend Addition of Cryptocurrency Investment Option

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The U.S. Department of Labor (DOL) published guidance earlier this year warning fiduciaries who administer retirement plans to “exercise extreme care” when considering whether to include cryptocurrency as a plan investment...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Bill introduced to add Bitcoin to 401(k)

I keep on saying that timing is everything and with Bitcoin falling about 60% off its high, this isn’t the time for adding it to 401(k) plans. In May, Rep. Byron Donalds (R-FL) introduced a bill that would allow Bitcoin and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL has grave concern over Fidelity bitcoin decision

The Department of Labor criticized Fidelity Investments’ plan to allow investors to put bitcoin in their 401(k) accounts....more

Harris Beach PLLC

Crypto Compensation? Bitcoin Bonus? New York State Employers Must Weigh Requests Carefully

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If your staff member wants his or her paycheck in cryptocurrency, should you – as an employer keeping up with the times — accommodate the request? You don’t have to work in Silicon Valley or play for the NFL to field this...more

Parker Poe Adams & Bernstein LLP

DOL Warns Employers About Including Cryptocurrency in 401(k) Plan Investment Options

Late last month, Fidelity Investments created a minor firestorm when it announced that it would allow retirement plan sponsors to offer bitcoin as an investment option for participants. In reaction to this move, the...more

Goodwin

Cryptocurrencies As Investment Options In 401(k) Plans

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On March 10, 2022, the U.S. Department of Labor (“DOL”) issued a Compliance Assistance Release (the “Release”) addressing its views on the availability of cryptocurrencies on 401(k) investment platforms. This guidance comes...more

Holland & Hart - The Benefits Dial

Every Little Thing … Considerations Before Adding Crypto to a 401(k) Plan

Fidelity Investments recently announced that it will offer its 401(k) plan clients the opportunity to offer bitcoin as a 401(k) plan investment option later this year. While this may sound intriguing to some plan fiduciaries...more

Morrison & Foerster LLP

Paying Employees in Cryptocurrency: Is That Lawful?

In recent years, more consumers, merchants, and financial institutions have accepted cryptocurrency as a form of payment for everyday products and services. Last November, mayors of two major U.S. cities signaled what may be...more

Snell & Wilmer

To the Moon After All? DOL Targets Cryptocurrency in Retirement Plans

Snell & Wilmer on

In Compliance Assistance Release No. 2022-01 (the “Release”), the Department of Labor (the “Department”) signaled its intention to scrutinize inclusion of cryptocurrency assets and crypto-derivative products as investments in...more

Dorsey & Whitney LLP

DOL Warns 401(k) Plan Fiduciaries about Cryptocurrency Investments

Dorsey & Whitney LLP on

Investments in Cryptocurrencies such as Bitcoin and Ethereum are becoming more and more mainstream. Driven by outrageous returns, and presenting outrageous volatility and risk, both traditional institutional and individual...more

Morgan Lewis - ML Benefits

DOL Calls for ‘Extreme Care’ Before 401(k) Plans Dive into Cryptocurrency Investments

Cryptocurrency investing has experienced a tidal wave of popularity since the fabled genesis of Bitcoin in 2009. This growth has been fueled by “extreme” investment returns (despite “extreme” volatility) and innovative means...more

Proskauer - Law and the Workplace

Can We Pay Our Employees in Cryptocurrency? A 2022 Update.

Shortly after his election in November 2021, New York City Mayor Eric Adams announced that he would accept his first three paychecks in Bitcoin. On January 20, 2022, the day before his first paycheck from the City was...more

Robins Kaplan LLP

Financial Daily Dose 4.19.2021 | Top Story: Bitcoin Plummets In Correction Following Coinbase’s Public Debut

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Because volatility’s the name of the game whenever we’re talking cryptos, it’s hard to be too shocked by the news that last week’s banner Coinbase public market debut gave way to a digital currency walkback this weekend that...more

Robins Kaplan LLP

Financial Daily Dose 12.1.2020 | Top Story: GM Adjusts Deal with Nikola, Won’t Take Stock in E-Truckmaker

Robins Kaplan LLP on

Mere months after an announced major investment in start-up electric truck company Nikola (and the subsequent claims that the company had “exaggerated its capabilities), General Motors announced this week that it had...more

Goodwin

Financial Services Weekly Roundup: The CFPB Digs Into “Seasoned” Qualified Mortgages

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...more

Proskauer - Blockchain and the Law

Legal Ramifications of Paying Employees with Cryptocurrency

As cryptocurrencies surge in value and enter mainstream consciousness, an increasing number of employers may consider compensating their employees with bitcoin, ether, or other cryptocurrencies. While a cryptocurrency...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Volatility was again the name of the game on Thursday in the US markets, which closed down nearly 4% again and headed into official “correction” territory....more

Fisher Phillips

"Daily Pay" and Cryptocurrency: Will Advances in Technology Change How Wages Are Paid?

Fisher Phillips on

Technology seems to be advancing faster than we can keep up. These advances impact the employer community as well—even regarding basic things such as how, when, and in what manner wages are paid. Take two recent examples...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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An overview of last Friday’s jobs report, which saw the US adding fewer jobs than expected but also tracked a welcomed increase in wages for the least-educated workers....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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More trouble for Wells Fargo, this time involving its Forex operation, which an internal investigation revealed was plagued by routine overcharging of customers and other questionable practices by bankers engaged in a battle...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Q2 saw US growth hit the 3% mark for the first time in two years, besting last quarter’s lackluster showing by almost 2%. The report helped boost stocks across the board....more

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