Fidelity announced last month that it planned to offer bitcoin as an investment option in its 401(k) plans by the middle of the year, eliciting alarm from many Democratic lawmakers.
in its 401 plans by the middle of the year, eliciting alarm from many Democratic lawmakers, including Sen. Elizabeth Warren, D-Mass., who expressed concern that the company may be exposing clients to a "risky and speculative gamble." have rushed to defend Fidelity, accusing Democrats of governmental overreach and infringing on Americans' free-market rights. GOP lawmakers have stressed that the legislation is about financial and investor freedom, not only cryptocurrency.
"In a far-reaching and sweeping endeavor to centralize power in Washington, the Biden administration is now attempting to dictate how the American people invest their hard-earned money," Donalds said in a statement. "This administration, as well as any other government entity, lacks the authority to direct the financial future of America’s investors."
The decision by Fidelity – an investment stalwart that manages about $2.7 trillion in assets – came shortly after the Labor Department warned against such a move, suggesting that if companies opted to invest their employees' contribution plans in digital assets including Bitcoin, they could be investigated. In the March 10 notice, the DOL Employee Benefits Security Administration said fiduciaries "must exercise extreme care" before including direct investment options in crypto.
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