Regulatory Outlook | 09.20.22
DOL Asks Judge to Toss Lawsuit Over Its 401(k) 'Cryptocurrency Guidance'
The U.S. Department of Labor has asked a federal judge to throw out a lawsuit challenging its 401(k) cryptocurrency investing guidance. ForUsAll, a low-cost 401(k) recordkeeping firm in San Francisco, sued the department in June, claiming regulators were changing policy without undergoing the required notice-and-comment process. The department countered in its dismissal motion before the U.S. District Court for the District of Columbia that subregulatory guidance “does not have the force of law, nor does it make new law.”
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