“Investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity would take these risks with millions of Americans’ retirement savings.” crypto bitcoin $BTC
Senator Elizabeth Warren Demands Answers From Fidelity for Allowing Bitcoin in Retirement Plans
We write to inquire about the appropriateness of your company’s decision to add bitcoin to its 401 investment plan menu and the actions you will take to address ‘the significant risks of fraud, theft and loss’ posed by these assets.the Department of Labor expressing “serious concerns” about cryptocurrency investment options in 401 plans, citing “significant risks of fraud, theft and loss” posed by crypto assets.
The letter references Fidelity’s announcement in 2017 that it had been mining cryptocurrency. Since then, the financial services firm has ramped up its crypto offerings, including offering its own crypto fund for wealthy customers.
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