image credit: Adobe Stock

US Senators Urge Fidelity to Stop Offering Bitcoin in 401(k) Plans Citing FTX Collapse, ‘Serious Problems’ in Crypto Industry

November 22, 2022


Three U.S. senators sent a letter to Fidelity Investments CEO Abigail Johnson Monday regarding the financial services firm’s bitcoin offerings in 401(k) retirement plans. The letter was signed by senators Elizabeth Warren (D-MA), Richard J. Durbin (D-IL), and Tina Smith (D-MN).

Reiterating their concerns about Fidelity allowing bitcoin exposure in retirement plans, the lawmakers stressed: “Once again, we strongly urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to bitcoin.”