Fidelity Investments will offer participants the option to put bitcoin in their 401(k)s by the middle of 2022.
However, the Department of Labor cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan's investment menu for plan participants. As retirement financial planners and fiduciaries, we need to understand how to work with and appropriately advise clients about the risks and potential benefits of cryptocurrency investments in their retirement plans.
Andrew Shedlock is a partner with the Kutak Rock law practice in Minneapolis. He is a litigator and attorney for financial advisors, financial planners, RIAs, and broker-dealers. Andrew advises on Non-Fungible Tokens (“NFTs”), cryptocurrency and Bitcoin, including securities and contract matters in those areas. Using his securities and regulatory background, he and his firm assist participants in the crypto, defi, blockchain and defi space to comply with laws and regulations, be proactive and drive development and investments in this developing space.
Andrew also provides legal and regulatory advice to businesses and individuals in the securities industry, including broker / dealer compliance, investment due diligence, regulatory compliance, SEC and FINRA investigations, Rule 8210 actions and CFP issues. His extensive background in securities litigation, investment fraud and general commercial litigation enables him to efficiently help clients when they are facing changes, challenges, investigations, lawsuits and other unpredictable events, including guiding and counseling advisors and brokers going independent through all stages of the process to avoid and lessen the risk of litigation where possible.
Andrew is active in the Financial Planning Association of Minnesota and has extensive experience in defending clients against FINRA Enforcement Actions, FINRA investigations and other securities-related regulatory matters, including basic RIA transactions.
Moderator: Betty Meredith, CFA, CFP®, CRC®, Int’l Retirement Resource Center
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