The Employee Retirement Income Security Act of 1974 requires plan fiduciaries to act solely in the financial interest of plan participants, and the U.S. Department of Labor issued guidance in March reminding plan fiduciaries of this duty, urging them to "exercise extreme care before including direct investment options in cryptocurrency". In a blog post shortly after, the DoL wrote that they had "serious concerns" about plans that would expose participants in cryptocurrencies and related products, outlining risks including valuation concerns, obstacles to making informed decisions, price volatility, and a still-developing regulatory landscape.
A Fidelity executive said that the company "believe[s] they should withdraw that guidance".