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U.S. senators warn Fidelity about Bitcoin retirement plan

Following the collapse of the FTX crypto exchange, U.S. senators are warning Fidelity Investments not to offer Bitcoin to its customers anymore.

By Finst News
• 2 min read
U.S. senators warn Fidelity about Bitcoin retirement plan

Since the collapse of the FTX crypto exchange, U.S. senators are warning investment giant Fidelity Investments not to offer Bitcoin to its customers anymore. This is in a signed document from the U.S. Senate.

The driving forces behind the letter are (reportedly) well-known Bitcoin opponents Elizabeth Warren, Tina Smith, and Richard Durbin. The letter states: "We’re urging Fidelity Investments once again to reconsider its decision to allow 401(k) plan sponsors to expose participants to Bitcoin".

With the collapse of FTX as the justification, the argument goes that the "digital assets industry has a serious problem... The sector is full of charismatic wunderkinds, opportunistic scammers and self-styled investment advisors promoting financial products with little to no transparency," the letter continues.

Fidelity didn’t launch its retirement savings plan until the end of April; even then, the U.S. Department of Labor was worried. Elizabeth Warren has long been critical of cryptocurrency, but so far she isn’t getting much traction in the Senate.

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