• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

Sen. Warren calls out Fidelity over its bitcoin 401(k) push – Fox Business

May 5, 2022
in News
0
Sen. Warren calls out Fidelity over its bitcoin 401(k) push – Fox Business
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Coin Stories podcast host Natalie Brunell discusses Fidelity’s plan to allow savers to put bitcoin in 401(k) accounts.

Massachusetts Sen. Elizabeth Warren is questioning Boston-based Fidelity Investments’ move to allow customers to invest a portion of their 401(k) plans in bitcoin, arguing that incorporating the digital asset in retirement portfolios is too risky.

In a letter first obtained by The Wall Street Journal, Warren and fellow Democrat Sen. Tina Smith of Minnesota asked Fidelity CEO Abigail Johnson about the “appropriateness” of the money management firm introducing the new option last week, saying that “investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity would take these risks with millions of Americans’ retirement savings.”

Elizabeth Warren

Sen. Elizabeth Warren, D-Mass., speaks during the Senate Armed Services Committee hearing on Tuesday, October 26, 2021.  (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

The senators pointed to the Department of Labor’s warning in March expressing “serious concerns regarding the prudence of a fiduciary’s decision to expose 401(k) plan’s participants to direct investments in cryptocurrencies” given what the agency called “the significant risks of fraud, theft and loss.”

BITCOIN TRADING AROUND $39,000 AS CALIFORNIA MOVES TO EMBRACE CRYPTOCURRENCY

Warren and Smith went on to ask Johnson why Fidelity ignored the Labor Department’s warning, how the company is addressing the risks of bitcoin investments for customers and how the firm addressed “its own conflicts of interest, given that the company now is both a bitcoin miner and a purveyor of bitcoin.”

Fidelity first began exploring blockchain technology with bitcoin mining in 2014, before launching its digital asset custody and trading platform in 2018. Then, in 2020, the company launched a private bitcoin fund.

Fidelity

Fidelity announced last week that it will soon allow customers to invest a portion of their 401(k)’s in bitcoin. ((AP Photo/Richard Vogel) / AP Newsroom)

Fidelity’s forthcoming Digital Assets Account (DAA) announced on April 26 is set to be available later this year. 

“As a leader in digital assets, we are thrilled to be the first to offer employers exposure to bitcoin for the core lineup of 401(k)s that reflects our commitment to meeting their evolving needs and our belief in the promise of blockchain technology for the financial industry’s future,” Dave Gray, Fidelity’s head of workplace retirement offerings and platforms, said in a statement last week.

BITCOIN EXPERT CALLS THE CRYPTOCURRENCY THE ‘BEST SAVINGS TECHNOLOGY THAT’S EVER BEEN INVENTED’

Gray added that “There is growing interest from plan sponsors for vehicles that enable them to provide their employees access to digital assets in defined contribution plans, and in turn from individuals with an appetite to incorporate cryptocurrencies into their long-term investment strategies.”

 

In reaction to Warren and Smith’s letter, Fidelity told FOX Business in an emailed statement: “As a Massachusetts-based company with a proven 75-plus-year history of doing what’s in the best interest of our customers, we look forward to continuing our respectful dialogue with policy makers to responsibly provide access with all appropriate consumer protections and educational guidance for plan sponsors as they consider offering this innovative product.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“Consistent with our ongoing dialogue with regulators and policy makers, we will respond directly,” the company added.

FOX Business’ Lucas Manfredi contributed to this report.

Previous Post

Huge Groundwater System Discovered Under Antarctica – Gizmodo

Next Post

Bizarre sinuous discrete aurora detected in Mars atmosphere – Livescience.com

Related Posts

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN
News

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

https://www.cnn.com/2022/05/20/politics/us-military-aircraft-baby-formula/index.html

Read more
Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail
News

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

https://www.dailymail.co.uk/news/article-10839355/Elon-Musk-tweets-hell-ex-YouTube-CEO-horse-touches-wiener.html

Read more
Wimbledon Stripped Of Ranking Points Over Russia And Belarus Ban – NDTV Sports
News

Wimbledon Stripped Of Ranking Points Over Russia And Belarus Ban – NDTV Sports

https://sports.ndtv.com/tennis/wimbledon-stripped-of-ranking-points-over-russia-and-belarus-ban-2995766

Read more
Gaylord, Michigan tornado kills one, causes injuries and widespread damage – The Washington Post
News

Gaylord, Michigan tornado kills one, causes injuries and widespread damage – The Washington Post

https://www.washingtonpost.com/weather/2022/05/20/gaylord-michigan-tornado/

Read more
Australia Election Live Updates: Voters Decide Fate of Scott Morrison – The New York Times
News

Australia Election Live Updates: Voters Decide Fate of Scott Morrison – The New York Times

https://www.nytimes.com/live/2022/05/20/world/australia-election

Read more
Load More
Next Post
Bizarre sinuous discrete aurora detected in Mars atmosphere – Livescience.com

Bizarre sinuous discrete aurora detected in Mars atmosphere - Livescience.com

  • Trending
  • Comments
  • Latest
Its a Type of Genotoxicity: Virologist Explains mRNA Vaccine Conversion to DNA – The Epoch Times

Its a Type of Genotoxicity: Virologist Explains mRNA Vaccine Conversion to DNA – The Epoch Times

Sex/Life fans notice a HUGE editing fail in Adam Demos’ nude shower scene –

Sex/Life fans notice a HUGE editing fail in Adam Demos’ nude shower scene –

Chris Watts’ $660K family home where he strangled pregnant wife Shanann to death is secretly ON SALE in Colorado

Chris Watts’ $660K family home where he strangled pregnant wife Shanann to death is secretly ON SALE in Colorado

‘Heartbroken’ Dog Doesn’t Understand Why His Family Is Leaving Him At The Shelter

‘Heartbroken’ Dog Doesn’t Understand Why His Family Is Leaving Him At The Shelter

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

Wimbledon Stripped Of Ranking Points Over Russia And Belarus Ban – NDTV Sports

Wimbledon Stripped Of Ranking Points Over Russia And Belarus Ban – NDTV Sports

Gaylord, Michigan tornado kills one, causes injuries and widespread damage – The Washington Post

Gaylord, Michigan tornado kills one, causes injuries and widespread damage – The Washington Post

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

In unusual step, US military aircraft will transport first pallets of baby formula to US – CNN

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

Elon Musk tweets that hell give ex-YouTube CEO a horse if he touches his wiener – Daily Mail

Wimbledon Stripped Of Ranking Points Over Russia And Belarus Ban – NDTV Sports

Wimbledon Stripped Of Ranking Points Over Russia And Belarus Ban – NDTV Sports

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Posting....