The Trump administration on Wednesday relaxed barriers in 401(k) plans to buying cryptocurrency and related digital assets like NFTs and meme coins.

The Labor Department rescinded guidance put in place by the Biden-era Labor Department in 2022 that aimed to safeguard 401(k) investors from such digital assets.

At the time, the Biden labor officials cautioned employers to exercise “extreme care” before making crypto and related investments available to their workers. They cited “serious concerns” about the prudence of exposing investors’ retirement savings to crypto given “significant risks of fraud, theft, and loss.”

The Trump Labor Department has withdrawn that guidance in full.

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The department said that it is “neither endorsing, nor disapproving of” employers who decide that adding crypto to a 401(k) investment list is appropriate.

The Labor Department’s reasoning extends to cryptocurrencies and “a wide range” of digital assets like “tokens, coins, crypto assets, and any derivatives thereof,” it said.

The move comes at a time when President Trump has launched a $TRUMP meme coin that’s added billions of dollars in paper wealth to his net worth and led Democratic senators to call for an ethics probe.

President Trump has pledged to make the U.S. the “crypto capital of the world.”

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Jamie Beaton has built a career helping students from around the world gain admission to Harvard University and other top-tier institutions.

Now, days after the Trump administration banned Harvard from enrolling international students and stopped scheduling appointments for student visas, Beaton, co-founder and CEO of Crimson Education, a college consulting firm, is advising his clients to “ignore the chaos.” 

Getting into an Ivy League school like Harvard is a years-long process, Beaton said. For recently admitted applicants, current students and this year’s graduating class, he says, “remain steadfast in that goal.”

And for Harvard hopefuls, particularly from abroad, there could even be a benefit to applying in the upcoming cycle even amid the ongoing political strife. “You may have an advantage in the eye of the storm,” Beaton said, as some applicants turn their attention to other schools.

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Over time, Harvard has become the gold standard of the Ivy League. As of last year, Harvard’s acceptance rate was just under 4%, down from more than 10% two decades ago. Roughly 18% of the Class of 2028 came from abroad.

“I think Harvard’s brand on the world stage is so strong and so viral, it would take a long time to lose some of that trust and excitement,” Beaton said. “The brand can take a lot of big hits.”

Of course, students are justifiably nervous as the federal government continues to fire blows at one of the nation’s oldest and most venerable institutions of higher education.

“It’s been a rollercoaster ride since last Thursday,” said Fangzhou Jiang, a student at Harvard’s Kennedy School and co-founder of Crimson Education. 

On Tuesday, the Trump administration moved to stop scheduling new interviews for international students seeking visas to come to the U.S. and said it plans to expand social media vetting of foreign students, effectively disrupting international enrollment. Politico first reported the stop to new student visa interviews.

In the escalating standoff between the federal government and Harvard, the White House also attempted to terminate Harvard’s student and exchange visitor program certification and cancel all remaining federal government contracts with Harvard, which are worth a reported $100 million.

This latest moves come after Harvard refused to meet a set of demands issued by the Trump administration’s Task Force to Combat Anti-Semitism.

“The whole instability or uncertainty is quite damaging,” said Jiang, who has a student visa and would consider transferring across the country to Stanford University, where he is pursuing a dual degree.

“It is a privilege, not a right, for universities to enroll foreign students and benefit from their higher tuition payments to help pad their multibillion-dollar endowments,” Homeland Security Secretary Kristi Noem said in a statement Thursday.

A federal judge in Massachusetts on Friday temporarily halted the Trump administration’s ban on international students, following a petition from Harvard. A hearing is set for Thursday, May 29, to determine whether the temporary order should be extended.

“This is a critical step to protect the rights and opportunities of our international students and scholars, who are vital to the University’s mission and community,” Harvard’s president Alan Garber said in a statement. On its website, the Harvard International Office says “Harvard is committed to maintaining our ability to host our international students and scholars.”

Beaton predicts that by the time college applications are due this fall, the university and the federal government “will come to a compromise.”

Altogether, international student enrollment contributed $43.8 billion to the U.S. economy in 2023-24, according to a report by NAFSA: Association of International Educators.

During that academic year, the U.S. hosted a record number of students from abroad, marking a 7% increase from 2022-23, according to the latest Open Doors data, released by the U.S. Department of State and the Institute of International Education. 

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It’s officially “Maycember,” a term making the rounds on social media to sum up the chaos and high costs of May — which mimic those of December, minus the holiday cheer.

Although May is typically a month of endings and new beginnings, inflation and social pressure have helped drive up the prices for many of the expenses that fall within its 31 days.

From graduation gifts and prom attire to camp payments, dance recitals and sports tournaments, the gauntlet of events has left parents feeling particularly strained.

Most financial experts recommend going back to a basic budget. “The first step towards recovery is to take the time to review your spending and reassess your financial plan,” Barrow said. “Financial well-being begins with awareness and the feeling that you are regaining control.”

If you’ve racked up credit card debt, start addressing that immediately, Barrow said. To stay motivated, try picking a repayment strategy, such as the avalanche method or the snowball method, which respectively prioritize paying off the highest-interest debt first or paying off your debt from smallest to largest balance.

At the same time, automating your savings is one of the best ways to rebuild after a heavy spending period, Barrow said: “Set up a recurring transfer to your emergency fund or savings account.” If your employer offers direct deposit splitting, use that to route a portion of your paycheck directly into savings, she advised.

The start of summer is also a good time to scale back, according to certified financial planner Lazetta Rainey Braxton, founder and managing principal of the Real Wealth Coterie. Pack a picnic lunch for a day at the park, or “find free events such as museum days and public events.”

There may also be more opportunities to pick up a side gig this time of year, she added, such as babysitting or tutoring over the long break from school. Those funds can help turbocharge debt repayment. 

“Know that Maycember is a stretch month that doesn’t represent the pace of your entire life,” said Braxton, who is a member of CNBC’s Financial Advisor Council. “Use your experience as a guide with a rearview mirror.”

Tally what you’ve spent on activities and celebrations such as Mother’s Day, graduations and vacations, as well as any payments towards camps or summer activities. Use that total to make a plan for next year, she advised.

“Start a Maycember fund by creating a separate savings account and setting aside $25 a month or more,” she said. That advance planning can also come in handy to make the most of sales holidays later in the year, such as Black Friday and Cyber Monday, she added.

Still, “It’s important to remember that you don’t need to overspend or go beyond your budget to give meaningful gifts,” cautioned Kelli Smith, a director of financial planning at Edelman Financial Engines. “Thoughtfulness and creativity can make a big impact.”

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