U.S. senators have 'strongly' urged Fidelity Investments to stop allowing bitcoin in 401(k) retirement plans. crypto cryptocurrency
US Senators Urge Fidelity to Stop Offering Bitcoin in 401 Plans Citing FTX Collapse, 'Serious Problems' in Crypto Industry
Several U.S. senators have called on Fidelity Investments to reconsider allowing bitcoin in 401 retirement plans. “The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems,” the lawmakers told Fidelity CEO Abigail Johnson.Three U.S. senators sent a letter to Fidelity Investments CEO Abigail Johnson Monday regarding the financial services firm’s bitcoinin 401 retirement plans.
Reiterating their concerns about Fidelity allowing bitcoin exposure in retirement plans, the lawmakers stressed: “Once again, we strongly urge Fidelity Investments to reconsider its decision to allow 401 plan sponsors to expose plan participants to bitcoin.”, the digital asset industry has only grown more volatile, tumultuous, and chaotic — all features of an asset class no plan sponsor or person saving for retirement should want to go anywhere near.
The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems. The industry is full of charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors promoting financial products with little to no transparency.
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