ICYMI: Labor Department has ‘grave concerns’ over Fidelity’s 401(k) bitcoin plans
The US Labor Department said it has “grave concerns” about a decision to offer bitcoin as an investment option.to allow retirement savers to include bitcoin in their portfolios.
“We have grave concerns with what Fidelity has done. There is a lot of hype around ‘you have to get in now because you will be left behind otherwise,’” Ali Khawar, acting assistant secretary of the Employee Benefits Security Administration, told theAccording to Khawar, the Labor Department, which regulates company-sponsored retirement plans, has particular concerns about the potential 20% bitcoin allocation because of market volatility.
Fidelity, which manages $4.2 trillion in assets, was among the first global financial institutions to enter the crypto market when it launched a digital assets arm in October 2018. About 23,000 companies use its 401 services.
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