Sen. Elizabeth Warren issued a letter to Fidelity Investments on Thursday, questioning the firm's decision to allow customers to invest a portion of their 401(k) plans in bitcoin.
for customers and how the firm addressed "its own conflicts of interest, given that the company now is both a bitcoin miner and a purveyor of bitcoin."
Fidelity first began exploring blockchain technology with bitcoin mining in 2014, before launching its digital asset custody and trading platform in 2018. Then, in 2020, the company launched a privateFidelity announced last week that it will soon allow customers to invest a portion of their 401's in bitcoin.Fidelity's forthcoming Digital Assets Account announced on April 26 is set to be available later this year.
"As a leader in digital assets, we are thrilled to be the first to offer employers exposure to bitcoin for the core lineup of 401s that reflects our commitment to meeting their evolving needs and our belief in the promise of blockchain technology for the financial industry’s future," Dave Gray, Fidelity's head of workplace retirement offerings and platforms, said in a statement last week.
"Consistent with our ongoing dialogue with regulators and policy makers, we will respond directly," the company added.
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