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Tuesday, December 6, 2022

Fidelity Investments Criticized For Retirement Savings That Have Been Exposed To BTC.

Elizabeth Warren, a critic of cryptocurrency, and two other coworkers write the Fidelity CEO once more to express their concern with 401(k) offers that expose cryptocurrency.

Three US senators had written to Abigail Johnson, CEO of Fidelity Investments, requesting an answer for the company’s choice to incorporate Cryptocurrency assets inside its 401(k) retirement funds. They wrote, “This decision is deeply disturbing.”

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Democrats Tina Smith, Dick Durbin, and Elizabeth Warren sent their letter on Tuesday. The letter, roughly one and a half pages long, examined Americans’ retirement savings patterns in broad terms with little numbers but many rhetorical flourishes and adjective strings. For instance, American consumers’ exposure to the “cryptocurrency casino” is “a bridge too far” given that the money they may deposit in retirement accounts is hard won.

Fidelity Investments And Retirement Savings Getting Exposed To Bitcoin:

The senators were against the March-introduced funds from Fidelity Investments. Beginning in May, Warren, rep. of Massachusetts, the state where Fidelity Investments is headquartered, collaborated with Smith to send Johnson a petition objecting to the introduction of Bitcoin (BTC) in retirement plans. The letter was comprehensive and replete with footnotes. The letter closed with a list of inquiries and a two-week response window.

The government disagreed with Fidelity Investments’ activities. Before Fidelity Investments accepted crypto-exposed retirement funds, the Department of Labor announced an “investigative program” focused on retirement plans with crypto in a compliance report. The government was eventually sued as a result of that report.

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Republican Senator Tommy Tuberville of Alabama sponsored the Financial Freedom Act at the beginning of May to safeguard investors’ freedom to include cryptocurrency in retirement funds.

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