US Senators urged investment giant Fidelity Investments, which has $11.3 trillion in assets under its management, to reconsider its policy regarding Bitcoin (BTC) offerings in its retirement plans.
Senator Richard Durbin, Elizabeth Warren and Tina Smith 21 November CEO of Fidelity Investment To Abigail Johnson In the letter they sent, they stated that customers should not expose their savings to unnecessary risk while there is a pension security crisis in the country, and the company is renewing the pension funds containing Bitcoin. asked them to review.
In the letter, they go over the letter they wrote to Fidelity in July. in four months The crypto industry is increasingly choppy, turbulent and chaotic alleged to have become one. Senators noted that Fidelity has chosen to enter the highly unstable and increasingly risky digital asset market beyond traditional finance. In the letter, the recently bankrupt cryptocurrency exchange of FTX Underlining that it points to the serious problems in the digital asset sector, the senators said that the crypto money industry charismatic geniuses, opportunistic swindlers and with self-proclaimed investment advisors He claimed it was full.
Durbin, Smith, and Warren approx. 32 million That the US is using Fidelity in retirement or employer-sponsored plans, there is already a retirement security crisis stated that Fidelity should not expose its client’s retirement savings to undue risk while it is happening.
Fidelity reported that 401(k) retirement plan investors’ savings in April up to 20% to bitcoin He announced that he had prepared a plan that would allow them to invest. Senator Durbin, Warren, and Smith published the second letter in July, four months after warning Fidelity. However, on social media, users are saying that the retirement crisis itself traditional from the markets He stated that he was out and that he was making millions of Americans suffer. Users also criticized the senators, claiming that it is a foolish move to go after cryptocurrencies without a solution.