Three U.S. senators have asked Fidelity Investments' CEO to reconsider allowing retirement plan holders to have bitcoin exposure.
Three U.S. senators sent a letter to Fidelity Investments CEO Abigail Johnson on Nov. 21, again asking the company to reconsider a decision to allow 401 plan sponsors to expose participants to bitcoin.
Senators say the digital asset industry is full of “charismatic wunderkinds, opportunistic fraudsters and self-proclaimed investment advisors.” Three U.S. senators have again asked Fidelity Investments to reconsider a decision to allow retirement plan participants to invest in bitcoin, saying the industry has become increasingly"volatile, tumultuous and chaotic."Nov. 21 letter
to Fidelity Investments CEO Abigail Johnson after first raising the issue in July. Durbin is the number-two Democrat in the Senate as Majority Whip, while Smith and Warren are on the Banking Committee. "Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market," the senators wrote."The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems. The industry is full of charismatic wunderkinds, opportunistic fraudsters and self-proclaimed investment advisers promoting financial products with little to no transparency.
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