401(k)'s David Loses to DoL Goliath

A startup 401(k) plan recordkeeper loses its challenge against the DoL crackdown on Bitcoin in retirement plans.

Editor’s Note: 401(k) is one area that appears ripe for blockchain. The ubiquitous retirement plans hold roughly $7 trillion in assets and are custodied in an institutional environment that makes them a good place to introduce Americans to crypto. Or at least that is thinking at Fidelity and startup ForUsAll. The industry also rests on an antiquated technology foundation that dates to the 1980s and is ripe for an upgrade. That technology settles transactions once per day and its core tracks who owns which shares, both tasks seemingly suited to DLT. That said, the news first reported by our sister publication — 401kWire — is worth a read. As always, if you have news of your own drop us a note at “editors@cefiwire.com”.