Senators press Fidelity to reconsider allowing bitcoin access in 401(k) plans


Democratic Sens. Dick Durbin, Elizabeth Warren and Tina Smith on Monday turned up pressure on Fidelity to reconsider its decision to allow employers to offer bitcoin exposure to 401(k) plan participants, after crypto exchange FTX filed for bankruptcy earlier this month. The senators first wrote a letter to Fidelity in July. “Since our previous letter, the digital asset industry has only grown more volatile, tumultuous, and chaotic-all features of an asset class no plan sponsor or person saving for retirement should want to go anywhere near,” the senators wrote in the Monday letter. Bitcoin is trading at as low as $15,591 on Monday, the lowest level since November 2020, according to CoinDesk data.

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