The Trump administration is rescinding Biden administration guidance that discouraged cryptocurrency investing by 401(k) plans. The 2022 guidance directed plan fiduciaries to exercise “extreme care” before adding cryptocurrency to investment menus.

The Trump administration on Wednesday rescinded Biden-era guidance urging employers to be cautious before adding cryptocurrency and related digital assets like bitcoin, NFTs and meme coins to 401(k) plans.

The administration threw out an earlier recommendation that 401(k) managers exercise “extreme care” when it comes to steering investors into bitcoin.