Massachusetts Senator Elizabeth Warren has sent a joint letter to Fidelity Investments this week regarding its decision to allow Bitcoin platformunda.
In April, Fidelity açıkladı that employees of the 23,000 companies using its 401(k) pension plan services could allocate as much as 20% to Bitcoin. The company manages $2.7 trillion in assets for 20 million clients.
However, the move has kırmızı bayraklar yükseldi with the U.S. Labor Department and crypto’s biggest detractors. In the mektup, which was co-signed by Minnesota Senator Tina Smith, Warren asked Fidelity CEO Abigail Johnson what actions the firm will take to address “the significant risks of fraud, theft, and loss posed by these assets.”
Warren questions conflict of interest
Senator Warren resorted to her usual brand of rhetoric claiming that “Bitcoin’s uçuculuk is compounded by its susceptibility to the whims of just a handful of influencers.”
The Democrats gave Fidelity until May 18 to answer their questions about its approach toward Bitcoin investments. They cited a number of mainstream media FUD articles regarding major price fluctuations and included the fact that BTC is currently trading down 47% from its all-time high six months ago. They also said that there was a lot of centralization in the mining process, “One study estimates that just 10% of Bitcoin miners are responsible for processing 90% of Bitcoin.”
There was also mention of a potential conflict of interest. The letter referenced a 2017 announcement by Fidelity that it had set up a small Bitcoin and Ethereum mining operation;
"Ayrıca Fidelity'nin potansiyel çıkar çatışmalarından ve bunların Bitcoin sunma kararını ne ölçüde etkilemiş olabileceğinden de endişe duyuyoruz."
Warren, who has labeled crypto as the “new shadow bank” which is controlled by “shadowy faceless groups of super-coders,” is pulling out all the stops to prevent Americans from gaining access to this asset class.
Financial Freedom bill
Fortunately, not every U.S. politician is as anti-crypto as the banking, housing, and urban affairs committee member is. A ray of light has come from Alabama Senator Tommy Tuberville in the form of a Financial Freedom Act.
The policymaker believes that the government should not interfere with the types of assets that individuals want to invest in. In an op-ed on CNBC on May 5, Tuberville said:
“Kripto para biriminin uzun vadeli ekonomik beklentilerine inansanız da inanmasanız da, emeklilik birikimlerinizi nereye yatıracağınıza ilişkin seçim hükümetin değil sizin olmalıdır.”
His proposed bill aims to prevent the Labor Department from limiting the asset types than can be used in 401(k) retirement plans.
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Source: https://beincrypto.com/senator-elizabeth-warren-targets-fidelity-crypto-retirement-plans/