The U.S. Department of Labor has expressed 'Grave Concerns' about Fidelity’s plan for Bitcoin in 401(k) retirement plans, The Wall Street Journal reports. thesamreynolds reports.
“We have grave concerns with what Fidelity has done,” Ali Khawar, acting assistant secretary of the Employee Benefits Security Administration, told the Wall Street Journal.
Khawar highlighted the speculative nature of cryptocurrency and the hype around the fear of missing out as reasons his department is concerned about the move.The financial giant manages retirement accounts for 23,000 companies in the U.S.Khawar has said that crypto has “intriguing use cases” but needs “maturing” before it's suitable to be placed into a retirement savings account.
“For the average American, the need for retirement savings in their old age is significant,” he is quoted as saying. “We are not talking about millionaires and billionaires that have a ton of other assets to draw down.” Fidelity said that its bitcoin offering represents a “continued commitment to evolving and broadening its digital assets offerings amidst steadily growing demand for digital assets across investor segments.”
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