401(k) retirement account provider ForUsAll has filed a lawsuit against the US Department of Labor (DOL) and its president, Martin Walsh. Decrypt writes that the firm plans to seek cancellation of the order to comply with the requirements of the department regarding cryptocurrency investments.

The lawsuit references a DOL directive issued on March 10. ForUsAll refers to a violation of the Administrative Procedures Act, which protects against arbitrary official encroachments on private rights.

The document says the agency will “conduct an investigation” into 401(k) programs involving cryptocurrencies.

“The government is suddenly trying to limit the type of investment […] because it doesn’t like a certain asset class. […] They are clearly trying to enforce a ban, they have no legal authority to do so.” ForUsAll CEO Jeff Schulte told Cointelegraph:

He said the company has about 150 employers that have signed up for a 401(k) plan that includes digital assets. ForUsAll is expected to launch this product in the summer.

“We’ve put a lot of effort into making sure our program complies with all current rules and regulations”Schulte explained.

In April, 11 financial sector trade associations sent power of attorney. Deputy Minister of Labor Ali Khawar wrote a letter denouncing the “prescriptive nature” of the order. It did not include the signatories’ position on the existence of cryptocurrency in their retirement plans.

Ten organizations then sent a letter to the official in support of the order. They stressed that the document complies with the Employee Retirement Act of 1974, which imposes strict obligations on 401(k) retirement account trustees.

Recall that in April, Fidelity Investments announced a service that offers customers the opportunity to save bitcoin in their 401(k) retirement savings accounts. It later became known that the company’s plans had worried the US Department of Labor.

In May, Republican Senator Tommy Tuberville introduced a bill that would allow citizens to hoard over 401(k) cryptocurrencies.

That same month, her colleague Cynthia Lummis revealed the details of a bill regulating cryptocurrencies in the United States. According to him, the document will allow the integration of the digital asset class with the 401(k).