Cryptocurrency has been round for greater than a decade, and it solely continues to evolve and develop in reputation. Bitcoin might have dominated the scene within the early days, however right now there are over 18,000 cryptocurrencies available on the market.
Whereas crypto might as soon as have been dismissed as frivolous or one thing that might by no means broaden past the realm of probably the most internet-savvy, right now it performs a respectable function in enterprise. Many corporations now settle for cost in cryptocurrency. Moreover, an rising variety of municipalities all over the world are recognizing cryptocurrency as authorized tender and have even dabbled in launching their very own cryptocurrencies.
It was only a matter of time, then, till workers began discussing the thought of integrating crypto into their compensation and 401(okay) retirement plans. As with all advantages and compensation points, this raises quite a lot of moral and authorized issues.
PLI has put collectively a program to handle these points. In a one-hour program entitled Employee Compensation and Benefits Involving Cryptocurrency: Trends and Legal Issues, Shawn Butte, in-house employment counsel at Want, will present an summary of the authorized points governing the cost of wages or bonuses to workers in cryptocurrency and the addition of cryptocurrency as an election possibility in a 401(okay) plan.
Subjects to be coated embrace:
- Cryptocurrency definitions, together with Bitcoin, Ethereum, and stablecoins
- Cryptocurrency transaction fundamentals
- Potential advantages to employers with permitting workers to obtain wages or bonuses in cryptocurrency
- Authorized dangers to contemplate when paying workers in cryptocurrency
- Inspecting how the volatility of cryptocurrency may impression an employer’s compliance with wage and hour legal guidelines
- The attainable impression on classification of workers as exempt or non-exempt
- The Division of Labor’s latest steerage expressing issues with including cryptocurrencies as an election choice to a 401(okay) plan
- Latest traits involving the adoption and regulation of cryptocurrency, together with its adoption by municipalities worldwide and the SEC’s plans to manage cryptocurrency
- Necessities for 401(okay) plans below the Financial Retirement Revenue Safety Act (“ERISA”)
The potential of providing workers the choice to obtain wages or spend money on cryptocurrency via their 401(okay) is an thrilling growth in the advantages house, however it’s essential to know the associated authorized and moral points. Register today to study extra about this cutting-edge space of the legislation.