In today's US, saying ‘be careful with crypto' sounds like socialism
Is it wrong to say advisers should be cautious when adding
cryptocurrencies
to retirement accounts? The
Trump
administration thinks so.
In 2022, US regulators issued guidance urging fiduciaries to exercise 'extreme care' before adding volatile assets such as
Bitcoin
to retirement plans. Now, that caution has been cast aside, and its rollback is being framed as a win for free markets by the new administration.
The Biden administration should have remained neutral, said US secretary of labour Lori Chavez-DeRemer. 'We're rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not DC bureaucrats.'
This stance comes as the president and vice-president actively court crypto fans, appearing at Bitcoin conventions and, in Trump's case, launching a meme coin that briefly surged to a $15 billion market cap over inauguration weekend.
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When the first lady is flogging her own coin, caution doesn't just sound dull: it sounds disloyal, unpatriotic, un-American.
Suggesting restraint for retirees used to be common sense. In today's America, it sounds suspiciously like socialism. Even boring financial advice can't escape the culture wars.
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