Two US senators, including Elizabeth Warren, have written to the financial services firm's CEO, asking answers as to why the corporation is ignoring the government's crypto warning.
The Labor Department's warning was likewise ignored by Fidelity Investments, a prominent 401(k) plan administrator. The company disclosed its plan to offer bitcoin investments in 401(k) accounts shortly after the department's warning.
In Washington, the question of what investments Americans can put in their retirement accounts has become a hot topic. The Department of Labor warned employers and financial firms not to accept bitcoin investments in retirement plans in March.
Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act on Thursday in response to the Labor Department's crypto warning. The lawmaker explained the situation.
“Now, the Biden administration has taken it upon itself to dictate what assets are viewed worthy of retirement investment, taking the decision away from individual investors by issuing regulatory guidance targeting cryptocurrency.”
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