Law Decoded: Crypto retirement plans get hot with Warren and Lummis making their moves, May 2–9, 2022

Law Decoded: Crypto retirement plans get hot with Warren and Lummis making their moves, May 2–9, 2022


Retirement plans still largely remain at the periphery of both crypto adoption and the regulatory discussion. But last week, a major development emerged in this department. United States Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota became concerned about Fidelity’s recent announcement of adding Bitcoin (BTC) to its clients’ 401(k) retirement investment menu. In a letter to the company’s CEO Abigail Johnson, the lawmakers expressed their uneasiness over a “conflict of interests” and the “significant risks of fraud, theft and loss,” requesting from Fidelity a detailed outline of risk mitigation actions. 

Crypto 401(k) plans are still relatively rare, but they have already drawn suspicious attention from the U.S. Department of Labor. Crypto retirement investment does have its allies in high places, though. In response

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend