The Labor Department on Wednesday rescinded guidance the Biden administration issued that discouraged cryptocurrency options in 401(k) retirement plans.

The guidance from March 2022 directed plan fiduciaries to exercise “extreme care” before adding cryptocurrency to investment options.

The Employee Benefits Security Administration argued in the new guidance that rescinding the Biden-era guidance reaffirms the “neutral stance” of the Labor Department and is not endorsing or disapproving of including cryptocurrency to investment menus.

“The Biden administration’s department of labor made a choice to put their thumb on the scale,” Labor Secretary Lori Chavez-DeRemer said in a statement. “We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats.”

The Biden administration’s Employee Benefits Security Administration signaled in its guidance that cryptocurrencies were at an “early stage” and that the Labor Department has “serious concerns about the prudence of a fiduciary’s decision to expose a 401(k) plan’s participants to direct investments in cryptocurrencies.”

The Trump administration has embraced cryptocurrencies, and the new guidance comes as Vice President Vance is set to give remarks at a bitcoin conference in Las Vegas on Wednesday.

President Trump’s businesses have expanded their reach into the crypto space and the latest move, announced Tuesday, involves Trump Media and Technology Group planning to raise $2.5 billion to buy bitcoin and build up a reserve of the cryptocurrency.