News22 November 2022

U.S. senators want Fidelity to reconsider its intentions to develop a bitcoin-related retirement product


U.S. senators wrote a letter to Fidelity's CEO, urging the company to reconsider its idea to develop a BTC product

U.S. Senators Elizabeth Warren, Tina Smith, and Richard Durbin have again urged Fidelity Investments to reconsider its idea of a bitcoin (BTC) related 401(k) retirement product. 

We wrote about this when they rolled out their retirement program, where you can provide your pension in bitcoin. 

"The recent collapse of FTX, a cryptocurrency exchange, made it clear that the digital asset industry has serious problems," the letter said.

The senators' latest letter to Fidelity's CEO follows a letter they sent on July 26 questioning why the company initially decided to subject its customers to the Bitcoin 401(k) program.

"Since our previous letter, the digital asset industry has only gotten more volatile, tumultuous, and chaotic. These are all characteristics of an asset class that no sponsor or person saving for retirement should approach," the senators wrote.

Apparently, they hadn't heard about Vitalik's transparent collateral technology. Sam was driven crazy by the demons of bitcoin and FTT, which made him buy houses, give himself loans through subsidiaries, and gamble in casinos with customer's dough :D.

The company said the plan would allow savers comfortable with the volatility of cryptocurrencies to invest in Bitcoin through a DA under a 401( k). This specialized program will keep bitcoin in a self-contained institutional-level vault, investing in short-term liquidity requests.

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