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Sen. Warren calls out Fidelity over its bitcoin 401(k) push
Labor Department criticizes Fidelity’s plan to allow bitcoin in 401(k) accounts
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."