U.S. Department of Labor Expresses ‘Grave Concerns’ Over Fidelity’s Proposed Bitcoin 401(k) Plans: Report

U.S. Department of Labor Expresses ‘Grave Concerns’ Over Fidelity’s Proposed Bitcoin 401(k) Plans: Report


The U.S. Department of Labor (DOL) is reportedly having “grave concerns” about Fidelity Investments’ recent decision to launch Bitcoin (BTC) 401(k) plans.

In a new Wall Street Journal (WSJ) interview, Acting Assistant Secretary of the DOL’s Employee Benefits Security Administration (EBSA) Ali Khawar acknowledges crypto has intriguing use cases but says it needs “maturing” before people devote their retirement accounts to the sector.

The EBSA is the agency responsible for overseeing workplace retirement plans.

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Asset managing giant Fidelity announced plans this week to launch digital asset accounts, enabling holders of 401(k) plans to invest in BTC if their employers let them.

Fidelity will reportedly allow a maximum BTC allocation of 20%. The Labor Department is specifically concerned with that percentage, according to a senior DOL

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