US senators Dick Durbin, Elizabeth Warren and Tina Smith find Fidelity Investments' decision to include crypto-exposed funds on 401k plans 'immensely troubling'. A detailed letter sent by the lawmakers gives the company two weeks for a response.
Three United States senators have written to Fidelity Investments CEO Abigail Johnson demanding an explanation for the financial services company’s decision to include Bitcoin-exposed funds in its 401 retirement plans. “This decision is immensely troubling,” they wrote.
Democrats Dick Durbin, Elizabeth Warren and Tina Smith sent their letter Tuesday. The letter, which is around a page and a half long,Americans’ retirement savings habits in general terms with minimal statistics but numerous rhetorical flourishes and strings of adjectives. The money American consumers may invest in retirement funds is “hard earned,” for example, and their exposure to the “cryptocurrency casino” is “a bridge too far.
“When saving for retirement is already a challenge for so many Americans, why would Fidelity allow those who can save to be exposed to an untested, highly volatile asset like Bitcoin?”U.S. Senators Upset That Fidelity Investments Offers a Bitcoin 401 Retirement Option
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