Fidelity asked to reconsider its Bitcoin 401(k) product by US Senators
Richard Durbin, Elizabeth Warren, and Tina Smith recently wrote to Fidelity Investments to reconsider offering its Bitcoin-linked retirement product. The three US senators’ letter addressed to CEO Abigail Johnson noted that the industry was full of “charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors” promoting financial products with “little to no transparency.” FTX Rained on Fidelity’s Parade The senators felt that “the ill-advised, deceptive, and potentially illegal actions” would bear a “direct impact” on the valuation of Bitcoin. Chalking out how the “implosion of FTX” unveiled the “serious problems” faced by the industry, the senators wrote, “ … we strongly urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to Bitcoin. Since our previo US letter, the digital asset ind US try...