NAPA Net - Polling Places 050622

Do You Find the Current Crypto Controversies Concerning?

In recent days, the Labor Department has shared its concerns about cryptocurrency in retirement plans, a major provider has announced its intention to include that option in its platforms anyway, and the Labor Department has echoed, and arguably doubled down on its prior resistance. This week we’d like to know what you make of all this.

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* 1. What did you think of the DOL's compliance assistance release on cryptocurrency in retirement plans?

I thought it made sense considering the current environment.

I thought it was premature.

I thought it was heavy-handed/out of line.

I haven't thought much about it.

It doesn't matter - I'm not recommending crypto in retirement plans, anyway.

Other thoughts?

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* 2. In that compliance assistance release, there was a comment that the DOL's concerns extended to holdings within a self-directed brokerage account - which some have worried was a sign that the DOL was looking at a different level of scrutiny for SDBAs than had been the case. What did you make of that?

I thought it made sense considering the current environment.

I missed that completely.

I think that's problematic.

I think that's HIGHLY problematic!

I haven't thought much about it.

It doesn't matter - I don't recommend SDBAs for the plans I work with.

Other thoughts?

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* 3. And then, despite all that, last week Fidelity announced that it would be making a crypto option available on its retirement plan platform. So, what do you think/make of that?

I thought it made sense considering the current environment.

I thought it was premature.

I thought it was out of line.

I haven't thought much about it.

It doesn't matter - I'm not recommending crypto in retirement plans, anyway.

Other thoughts?

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* 4. So - with all this going on, how are you feeling about cryptocurrency in the retirement plans you support?

I'm leaving well enough alone - at least for now.

I'm just as committed as I was before.

I'm going to wait until some of this dust settles.

I'm moving ahead with crypto!

I was doubtful before - and even more so now.

I didn't think this was a good idea even before all this - and nothing has changed.

Care to expand on that?

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* 5. Other comments about crypto, crypto in retirement plans, regulators weighing in on crypto in retirement plans, responding to regulators weighing in on crypto in retirement plans, potential implications for self-directed brokerage accounts as a result of regulators weighing in on crypto in retirement plans, or life in general?

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* 6. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 7. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 8. Suggestions for future survey questions?

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* 9. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...