Home Bitcoin101 Senator Warren challenges Fidelity over its Bitcoin 401(k) plans

Senator Warren challenges Fidelity over its Bitcoin 401(k) plans

by Valhalla Team

Senator Elizabeth Warren and Tina Smith have written a letter to Fidelity over its decision to allow Bitcoin investments in its 401(k) plans. 
The letter asked the investment firm why it failed to heed the Department of Labor (DOL) warning regarding crypto investments as part of pension retirement plans.
Senator Warren questions Fidelity Bitcoin decision
The letter also raised concerns about the conflict of interest, given that Fidelity is a Bitcoin miner and manages crypto investments for its wealthy clients. A part of the letter asked what the company plans to do regarding the risks of crypto assets.
Senator Warren is one of the most vocal anti-crypto voices in the US Senate. The Massachusetts senator has criticized the industry and recently sponsored a bill to block crypto companies from dealing with sanctioned entities.
Senator Tuberville supports Bitcoin investments for pension
While Senator Warren and Senator Smith might have some skepticism about crypto investments in pension funds, Senator Tommy Tuberville is looking to counter any attempt by the DOL to ban Bitcoin investments as part of retirement plans. 

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