US senators demanded that Fidelity reconsider its Bitcoin savings policy included in its retirement plan.
Three US senators pointed out that the crypto industry is becoming more and more turbulent and chaotic.
US Senators Send Letter to Fidelity CEO
Richard Durbin, Elizabeth Warren and Tina Smith sent a letter to Abigail Johnson, CEO of Fidelity Investments, regarding the issue. The following statements were included in the letter:
“Fidelity Investments has chosen to go beyond traditional finance and enter the highly volatile and increasingly risky digital asset market.
The collapse of FTX, a cryptocurrency exchange, made it clear that the digital asset industry has very serious problems.”
In April, Fidelity announced a plan that would allow people on a 401(k) plan to devote 20% of their retirement savings to Bitcoin. Senators made statements about how dangerous it is to invest in cryptocurrencies in July.
Fidelity continues to attach importance to digital assets. A subsidiary, Fidelity Digital Assets, recently enabled institutional clients to invest in ETH. The company plans to launch a platform called Fidelity Crypto in the near future.
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