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The US Labor Department has officially rescinded guidance issued during the Biden administration that limited the inclusion of cryptocurrency in 401(k) retirement plans. On May 28, the Labor Department revoked a 2022 guidance that had urged fiduciaries to be “extremely cautious” when considering cryptocurrency for 401(k) retirement plans. The move could give asset managers more flexibility to include digital assets in retirement investment options. The government agency removed the guidance asserting that it represented a departure from the department’s “historically […]

A US federal court has frozen around $57.65 million worth of the stablecoin USDC in a class action case over the controversial Libra memecoin. Onchain data shared with Cointelegraph by the class group’s lawyer, Max Burwick, shows nearly $57 million worth of USDC (USDC) was frozen on May 28 after a Manhattan court agreed to a temporary freeze. “Yesterday, a federal court in SDNY [Southern District of New York] entered a Temporary Restraining Order at our request, Burwick Law, supported […]

Former Commodity Futures Trading Commission Chair Rostin Behnam has said the crypto market will remain unregulated unless the agency he led is given greater authority. In a May 28 Bloomberg TV interview, Behnam sided with the crypto industry on its long-standing argument that cryptocurrencies are commodities. “If you look at existing law, the few largest tokens are commodities, which means the SEC does not have jurisdiction over those tokens, which include Bitcoin and Ether,” he said.  He added that the […]

Elon Musk confirmed that he’s quitting as the White House’s government cost-cutting czar after admitting it was an “uphill battle” trying to slash federal jobs and programs. Musk’s status as a Special Government Employee leading the Department of Government Efficiency (DOGE) meant that by law, he could only serve for a maximum of 130 days, which was set to finish on May 30. Musk confirmed his exit in a May 29 X post, thanking President Donald Trump “for the opportunity […]

Crypto lobby group the DeFi Education Fund and the Uniswap Foundation have said the Securities and Exchange Commission should be hands-off on regulating decentralized autonomous organizations (DAOs). The May 27 letter to SEC Crypto Task Force lead Hester Peirce argued that the agency should not treat DAOs under the purview of the securities-defining Howey test if they’re “sufficiently decentralized,” as they are not identifiable and are not a coordinated group. Instead, the pair said DAOs should be treated as individuals […]