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Thursday, December 1, 2022

Senators Of The US After FTX Filed Bankruptcy Urges Fidelity To Reconsider The Offerings Of Bitcoin

The senators who are skeptical about cryptocurrencies claimed that the FTX crash made it “abundantly evident” that the market for digital assets had “severe difficulties.”

Senators Richard Durbin, Elizabeth Warren, and Tina Smith,have reaffirmed their requests for Fidelity Investments to rethink providing a 401(k) retirement package connected to Bitcoins (BTC).

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The 3 legislators have said the current collapse of FTX is a greater cause than anything like this for the $4.5 trillion company that manages assets to rethink its Bitcoin offerings to retirement investors in a statement sent to Abigail Johnson the Fidelity Investments CEO on November 21.

The legislators also stated that “charismatic upstarts, opportunistic scammers, and self-proclaimed financial consultants” have significantly harmed owners of 401(k) retirement funds who’ve already deposited in Fidelity’s Btc product by price manipulation of Bitcoin (BTC).

Senators Ask BTC To Provide For Pension Investors After The Crash Of FTX:

The senators have said that as the complete extent of the blow the investors of FTX has faced since the company declaring bankruptcy is stoll unknown, the contagion felt all over the market of the digital assets. BTC is not an exception now.

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The senators’ latest message to the CEO of Fidelity follows a letter they sent on July 26 asking for clarification of why the company opted to initially expose its clients to a Btc 401(k) program.

Approximately 32 mn Americans and 22k U.S. organizations utilize Fidelity as more than a retirement fund and employer-sponsored program, according to the state senators.

The senators continued by saying that Fidelity really should not be subjecting its clients’ retirement assets to a “unnecessary danger” given the nation’s current retirement security dilemma.

Fidelity was contacted by Cointelegraph seeking comments on the statement, but they did not respond right away.

 

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