The US Ministry of Labor is asked to lift the crypto instructions because the pushback grows

The US Ministry of Labor is asked to lift the crypto instructions because the pushback grows

A committee of the crypto industry in the United States is calling on the Ministry of Labor (DOL) to rethink its crypto guidelines for pension plans, given the increasing resistance of concerned community members.

The Crypto Council for Innovation (CCI) said on Wednesday, the guidelines of the DOL contradict the guidelines of the White House and the executive order of President Biden for the aspiring asset class.

in a letter cci, which at the acting secretary of the department, ali khawar, Dol is asking to revoke his release No. 2022-01 guidelines published in March, which prevents 401 (K) administrators from adding crypto investment options in their plans.

The regulatory authorities now consider whether they should issue an official rule that would address the adequacy of crypto in 401 (K) plans, Bloomberg reports Wednesday.

The guidelines of DOL write a higher care standard for crypto compared to other financial options for 401 (K) s by taking a one -sided and extremely negative view.

The DOL has the task of monitoring the security of the pension, health and other job-related services from US employees.

It comes when the ministry stared down a legal contestation of the 401 (K) provider Forusall, who had filed his complaint at the beginning of this month and claimed to restrict the step of the Ministry to use the use of crypto in pension plans.

One month after the publication of the DOL guidelines, the financial service provider Fidelity Investments based in Boston passed on to enable individuals to invest part of their retirement provision via the company's 401 (K) investment pallet in Bitcoin.

"CCI is deeply concerned ... based on a factually and legally incorrect analysis," said the council in his letter. "We also urgently ask the Ministry to initiate a more open, more integrative and advisory process in order to develop guidelines for the recording of crypto-assets in 401 (K)."

The "Executive Order on Ensuring Responsible Development of Digital Assets" by President Biden, signed in March of this year, calls for a uniform approach to regulation and evaluating cryptocurrencies.

It was the first time that the executive signed such an order for the industry, and was greeted equally by investors and companies, although it was not possible to provide clearer regulatory guidelines that many demanded.

. .

The Post-US Ministry of Arbeep Arbeep Arbeeps urged the crypto instructions, as Pushback Grows first appeared on block works.