On August 7, President Trump signed an Executive Order directing the DOL, the SEC, and Treasury (including the IRS) to review and revise guidance to facilitate the inclusion of alternative investments—such as private equity, cryptocurrency, and other non-traditional assets—in defined contribution retirement plans. The Executive Order follows action in May of this year by the DOL to rescind its 2022 guidance that discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans.

July was an exciting month for employer-sponsored health and welfare benefits. Many of the changes discussed provide plan sponsors with increased flexibility to optimize benefits.

2025 is shaping up to be a pivotal year for the regulation of digital assets in the UK. As the European Union’s Markets in Crypto-Assets is reshaping the EU’s regulatory landscape by introducing a unified framework for crypto-asset service providers, the UK Financial Conduct Authority is advancing its own agenda, guided by its Cryptoasset Roadmap, to ensure regulatory clarity while supporting innovation.