{"id":513916,"date":"2022-11-22T08:44:33","date_gmt":"2022-11-22T05:44:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-senators-urge-fidelity-to-reconsider-its-bitcoin-offerings-after-ftx-blow-up\/"},"modified":"2022-11-22T08:44:33","modified_gmt":"2022-11-22T05:44:33","slug":"us-senators-urge-fidelity-to-reconsider-its-bitcoin-offerings-after-ftx-blow-up","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-senators-urge-fidelity-to-reconsider-its-bitcoin-offerings-after-ftx-blow-up\/","title":{"rendered":"# US senators urge Fidelity to reconsider its Bitcoin offerings after FTX blow-up"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a242f4b44cd7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a242f4b44cd7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-senators-urge-fidelity-to-reconsider-its-bitcoin-offerings-after-ftx-blow-up\/#%E2%80%9D_US_senators_urge_Fidelity_to_reconsider_its_Bitcoin_offerings_after_FTX_blow-up_%E2%80%9C\" >&#8221; US senators urge Fidelity to reconsider its Bitcoin offerings after FTX blow-up &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_senators_urge_Fidelity_to_reconsider_its_Bitcoin_offerings_after_FTX_blow-up_%E2%80%9C\"><\/span>&#8221; US senators urge Fidelity to reconsider its Bitcoin offerings after FTX blow-up &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYTljZDhjZjctNzg4My00MjU1LTgwODUtNzA1MGRmODQzMjQ5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>United States senators Elizabeth Warren, Tina Smith, and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product.\u00a0<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.durbin.senate.gov\/imo\/media\/doc\/letter_to_fidelity_investments_ceo.pdf\">letter<\/a> addressed to Fidelity Investments CEO Abigail Johnson on Nov. 21, the three senators said the recent fall of FTX is more reason than any for the $4.5 trillion asset management firm to reconsider its Bitcoin offering to retirement savers, stating: <\/p>\n<blockquote><p>\u201cThe recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems.\u201d <\/p><\/blockquote>\n<p>The senators also added that \u201ccharismatic wunderkinds, opportunistic fraudsters, and self-proclaimed investment advisors\u201d have played a huge role in manipulating the price of Bitcoin (BTC), which in turn has impacted 401(k) retirement savings holders who have invested in Fidelity\u2019s Bitcoin product:<\/p>\n<blockquote><p>\u201cSince July, when we last raised concerns with you about the deeply concerning prospect of exposing workplace retirement plans to Bitcoin, its value has plummeted.&#8221;<\/p><\/blockquote>\n<p>\u201cWhile the full extent of the damage caused by FTX continues to unfold, the contagion is being felt across the broader digital asset market. Bitcoin is no exception,\u201d the senators commented. <\/p>\n<p>The senators&#8217; letter to the Fidelity CEO was the second in recent months, with the first letter on Jul. 26 demanding an explanation of why Fidelity decided to expose its customers to a Bitcoin 401(k) product to begin with. <\/p>\n<p>\u201cSince our previous letter, the digital asset industry has only grown more volatile, tumultuous, and chaotic\u2014all features of an asset class no plan sponsor or person saving for retirement should want to go anywhere near,\u201d the senators wrote. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The implosion of FTX has made it clear that the digital asset industry has serious problems. I joined <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenWarren?ref_src=twsrc%5Etfw\">@SenWarren<\/a> &amp; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenTinaSmith?ref_src=twsrc%5Etfw\">@SenTinaSmith<\/a> to urge Fidelity to do what is best &amp; reconsider its decision to expose retirement accounts &amp; employer-sponsored plans to these volatile assets. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/qQn4PF80AP\">pic.twitter.com\/qQn4PF80AP<\/a><\/p>\n<p>\u2014 Senator Dick Durbin (@SenatorDurbin) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SenatorDurbin\/status\/1594827275639431172?ref_src=twsrc%5Etfw\">November 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Durbin, Smith and Warren also noted that some 32 million Americans and 22,000 U.S. employers use Fidelity as a workplace retirement account and employer-sponsored plan.<\/p>\n<p>The senators added that with a retirement security crisis already playing out in the country, Fidelity shouldn\u2019t be exposing its customer\u2019s retirement savings to an \u201cunnecessary risk.\u201d<\/p>\n<p>\u201cIn light of these risks and continuous warning signs, we again strongly urge Fidelity Investments to do what is best for plan sponsors and plan participants\u2014seriously reconsider its decision to allow plan sponsors to offer Bitcoin exposure to plan participants.\u201d<\/p>\n<p>Cointelegraph reached out to Fidelity for their comment on the letter but did not receive an im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te response. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Fidelity\u2019s crypto ambitions are bigger than expected: report<\/em><\/strong><\/p>\n<p>Meanwhile, not all U.S. lawmakers <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to have sided with the three crypto-skeptic senators in the past.\u00a0<\/p>\n<p>In May. 2022, Republican Senator Tommy Tuberville introduced the Financial Freedom Act into the U.S. Congress, which serves to allow U.S. residents to add cryptocurrency to their 401(k) retirement savings plan without being subject to regulatory influence. <\/p>\n<p>Fidelity has continued to increase its investment in the digital asset space, with plans to expand its digital asset division by 25% with 100 new employees by the end of Q1 2023.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-senators-urge-fidelity-to-reconsider-its-bitcoin-offerings-after-ftx-blow-up\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US senators urge Fidelity to reconsider its Bitcoin offerings after FTX blow-up &#8220; United States senators Elizabeth Warren, Tina Smith, and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product.\u00a0 In a letter addressed to Fidelity Investments CEO Abigail Johnson on Nov. 21, the three&#8230;<\/p>\n","protected":false},"author":1,"featured_media":513917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYTljZDhjZjctNzg4My00MjU1LTgwODUtNzA1MGRmODQzMjQ5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[86524,74862,76582,135234,74355,117,52214,70934,71029,70289],"class_list":["post-513916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-asset-management","tag-bitcoin","tag-digital-asset-management","tag-ftx","tag-adoption","tag-business","tag-congress","tag-regulation","tag-retirement","tag-senate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=513916"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/513916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/513917"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=513916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=513916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=513916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}