OFFICIAL PUBLICATION OF THE WEST VIRGINIA BANKERS ASSOCIATION

Day: July 6, 2022

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Crypto-Related Activities: Ask Before You Leap

“Crypto”-related innovation in financial services is expanding at a dizzying pace. Before 2009 when the first Bitcoin was “mined” into existence, cryptocurrencies did not exist. Now there are over 19,000 cryptocurrencies with a market capital of over $1.2 trillion.1 As much as 22% of the U.S. adult population owns Bitcoin.2 Bank core processing vendors are announcing relationships with Fintechs to add cryptocurrency functions to banks’ service offerings.

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The Educated 3(16) Fiduciary

Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services, and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created
equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to be educated consumers of
3(16) fiduciary services.