ForUsAll, a 401(k) retirement provider, filed suit against the United States Department of Labor (DOL) and Martin Walsh as Labor secretary in U.S. District Court in Washington, D.C. on Thursday. The company is seeking the withdrawal of a DOL compliance assistance release issued in March, citing the Administrative Procedure Act, which safeguards against arbitrary official encroachment on private rights.
The DOL release warned that the department’s Employee Benefits Security Administration is expected to “conduct an investigative program” aimed at 401(k) plans that contain cryptocurrency. ForUsAll CEO Jeff Schulte told Cointelegraph:
“The government is suddenly trying to restrict the type of investments Americans can choose to make because they’ve decided today that they don’t like a certain asset class. […] They’re clearly trying to effect a ban and they don’t have the legal authority to do so.”
The DOL release has elicited a sharp response from several quarters. A group of 11...
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