After months of deliberations, the Labor Department at last proposed a rule on Monday that would make it harder to sue employers who choose to add private-market, digital, and other alternative assets to their retirement plans.
The rule, which comes as private credit falters, would not direct plan sponsors to select those alternative assets. Instead, “they’re trying to signal to the courts that the courts have been erring too much on the side of: Tie goes to the litigant,” Groom Law Group’s Kevin Walsh said.
Asked how to reconcile that approach with the Trump administration’s pro-crypto stance, a Labor Department official told Semafor that the administration is “neither pro-crypto or anti-crypto; we are pro-fiduciary.”
Mindset’s Kendra Isaacson, a former DOL official, agreed with that sentiment: “Let the fiduciaries fidush!”