Fidelity’s Bitcoin 401(k) Offering Risks Retirement Security of Americans, Sa...
The U.S. Labor Department has “grave concerns” about Fidelity Investments allowing investors to put bitcoin into their 401(k) accounts for retirement savings. An official of the Labor Department said it risks the retirement security of Americans, stressing that “cryptocurrencies can present serious risks to retirement savings.” U.S. Labor Department’s ‘Grave Concerns’ Over Fidelity’s Bitcoin 401(k) Offering The U.S. Labor Department is deeply concerned about Fidelity Investments’ new offering to allow investors to put up to....
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U.S. Senators requested Fidelity to explain how the firm is planning to address the risks of adding Bitcoin into retirement accounts by May 18. The United States government is growing increasingly concerned about Bitcoin (BTC) in retirement savings, with two Senators flagging some issues in Fidelity Investments’ plans to include Bitcoin (BTC) in 401(k) accounts.Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota expressed concerns over Fidelity’s decision to add BTC to its 401(k) investment plan in a letter to Fidelity CEO Abigail Johnson.Dated May 4, the letter suggests....
Last week was marked by reinvigorated discussion on crypto 401(k) among high-profile US policymakers. Retirement plans still largely remain at the periphery of both crypto adoption and the regulatory discussion. But last week, a major development emerged in this department. United States Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota became concerned about Fidelity’s recent announcement of adding Bitcoin (BTC) to its clients’ 401(k) retirement investment menu. In a letter to the company’s CEO Abigail Johnson, the lawmakers expressed their uneasiness over a “conflict....
Two U.S. senators, including Elizabeth Warren, have sent a letter to Fidelity Investments demanding answers regarding the company’s decision to allow bitcoin investments in 401(k) retirement plans. “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,” the lawmakers wrote.
US Lawmakers Concerned About Fidelity Allowing Bitcoin Investments in 401(k) Plans
U.S. Senator Elizabeth Warren (D-MA) has sent a letter to Abigail Johnson, the CEO....
Several U.S. lawmakers have introduced the Retirement Savings Modernization Act to provide 401(k) retirement savers access to a wide range of investments, including crypto assets. “With inflation at record highs, a stock market downturn, and a potential recession on the horizon, many Americans are rightfully concerned about their financial future,” said U.S. Senator Pat Toomey.
Retirement Savings Modernization Act Introduced
The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Thursday that Senators Pat Toomey (R-PA) and Tim Scott (R-SC) and....
The multinational financial services corporation based in Boston, Fidelity Investments, has revealed the firm is allowing people to add bitcoin into their 401(k) plan as long as the employer allows it. According to Fidelity’s head of workplace retirement offerings, the company has seen “growing interest from plan sponsors” that wanted to add bitcoin to retirement plans.
Fidelity Is Giving Workers the Ability to Add Bitcoin to Their 401(k) Plan
Fidelity Investments, the largest 401(k) plan provider in the United States, is now allowing people to add bitcoin....