Democratic senators chide Fidelity Investments for BTC-exposed retirement funds

Abigail Johnson Tina Smith Dick Durbin Usa county Smith county Warren city Elizabeth, county Warren state Massachusets Adoption Investments Bitcoin Senators

29.07.2022 - 11:38

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cointelegraph.com:

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(k) 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, discussed 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.” The authors of the letter asked:

There is no call to action in the letter, aside from “We look forward to your response.”

U.S. Senators Upset That Fidelity Investments Offers a Bitcoin 401(k) Retirement Option - Senators Warren, Durbin, and Smithhttps://t.co/9YJMGgwE8g pic.twitter.com/Fgk9CprOce

The senators were objecting to funds Fidelity Investments introduced in March. Warren, who represents Massachusetts, the state in which Fidelity Investments is based, teamed up with Smith to write to Johnson at the beginning of May, sending a detailed and copiously footnoted letter objecting to the inclusion of Bitcoin (BTC) in retirement plans. That letter concluded with a list of questions and set a two-week deadline for a response.

Related: Survey: More than a quarter of U.S. millennials plan to use crypto to fund retirement

Fidelity Investments’ actions were controversial within the government. The Department of Labor released a compliance report ahead of the announcement of Fidelity Investments’ embrace of crypto-exposed

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