A San Francisco-based retirement plan provider filed a lawsuit this month against the U.S. Department of Labor (DOL) over its warning in March that fiduciaries should exercise extreme care before adding a cryptocurrency option to a 401(k) plan's investment menu.
The company, ForUsAll, filed the suit in the U.S. District Court for the District of Columbia on June 2. It claims that the DOL's guidance amounted to "a ban on cryptocurrency investments without conducting a formal notice-and-comment rulemaking process," according to Bloomberg Law. The suit asks the court for an injunction to prevent regulators from enforcing the guidance and to prevent investigations outside the scope of the Employee Retirement Income Security Act (ERISA).
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