Labor Department has grave concerns over Fidelitys 401(k) bitcoin plans - BitcoinEthereumNews.com
According 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 itself has said that number may be subject to change. “For the average American, the need for retirement savings in their old age is significant. We are not talking about millionaires and billionaires that have a ton of other assets to draw down,” Khawar added. 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(k) services. In response to the comments, Fidelity said that its bitcoin offering “represents the firm‘s continued commitment to evolving and broadening its digital assets offerings amidst steadily growing demand for digital assets across investor segments, and we believe that this technology and digital assets will represent a large part of the financial industry’s future.” © 2022 Ang Block Crypto, Inc. Lahat ng Karapatan ay Nakareserba. Ang artikulong ito ay ibinigay para sa mga layuning pang-impormasyon lamang. Hindi ito inaalok o inilaan upang magamit bilang ligal, buwis, pamumuhunan, pinansiyal, o iba pang payo.