New York Attorney General Letitia James is calling for a ban on crypto assets as an investment option for retirement accounts. In a recent letter penned to members of Congress, James details why the practice of allocating cryptocurrencies to 401(k) retirement funds should be outlawed, adding that she believes the asset class has no intrinsic […]
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US senators are for the second time calling on financial giant Fidelity to reconsider offering Bitcoin (BTC) as an investment in 401(k) retirement accounts. In a letter to Fidelity CEO Abigail Johnson, US Senators Richard Durbin, Elizabeth Warren and Tina Smith say the recent FTX crypto exchange collapse underscores their position that Bitcoin is too […]
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Several U.S. senators have called on Fidelity Investments to reconsider allowing bitcoin in 401(k) retirement plans. “The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems,” the lawmakers told Fidelity CEO Abigail Johnson. US Senators Want Fidelity to Stop Offering Bitcoin in Retirement Plans Three […]
Several U.S. lawmakers have introduced the Retirement Savings Modernization Act to provide 401(k) retirement savers access to a wide range of investments, including crypto assets. “With inflation at record highs, a stock market downturn, and a potential recession on the horizon, many Americans are rightfully concerned about their financial future,” said U.S. Senator Pat Toomey. […]
Fidelity Investments is reportedly looking into the possibility of offering Bitcoin (BTC) trading to individual investors four years after launching its digital assets platform. Citing people familiar with the matter, The Wall Street Journal reports that the financial giant is considering allowing individual investors to trade the flagship crypto asset on its brokerage platform. Fidelity […]
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While Fidelity hasn’t yet confirmed rumors it will launch retail Bitcoin trading, the firm said enabling broader access to digital assets remained a key area of focus.
$4.2 trillion asset management firm Fidelity Investments is reportedly working towards offering Bitcoin trading services to its 34.4 million retail investor base, according to Galaxy Digital CEO Mike Novogratz and people familiar with the matter.
While Fidelity hasn’t officially confirmed plans to incorporate crypto onto its retail platform, Novogratz told a conference audience in New York on Sept. 12, that the move may be just around the corner:
“A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough.”
“I hope that bird is right. So we are still this institutional march and that gives crypto its floor,” he added.
Novogratz isn’t the only person to have signaled the potential move from Fidelity. The Wall Street Journal (WSJ) on Sept. 12 noted that that Fidelity is currently “weighing a plan” to allow individual investors to trade Bitcoin on its brokerage platform.
A similar note was shared by Eight Global Founder and CEO Michaël van de Poppe last week, suggesting that the platform will launch Bitcoin trading for retail customers in November.
Fidelity in a Sept. 12 statement addressed the rumors, noting:
"While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus."
Fidelity Investment has been an active investor and playmaker in the crypto space, fueled by a growing demand from clients to access crypto investment opportunities.
Fidelity started mining Bitcoin in 2015 and launched a Bitcoin-trading business for hedge funds and institutional investors in 2018.
In April, Fidelity also began allowing its 401(k) retirement savings account holders to invest directly into Bitcoin (BTC), though this was later met with pushback from three U.S. senators including Senator Elizabeth Warren, who called the launch of the Bitcoin product to be “immensely troubling.”
Related: Sen. Warren asks Fidelity to address the risks to put Bitcoin in 401(k)s
Fidelity is a multinational finance corporation that provides brokerage services, mutual funds management, investment advice, and retirement services and is the fourth largest asset management firm in the world, according to ADV ratings.
Three US Senators are writing to Fidelity’s chief executive over concerns about the banking giant’s ‘troubling’ plan to allow businesses to offer Bitcoin (BTC) as a retirement option. In the note, Senators Elizabeth Warren, Tina Smith and Richard Durbin ask Fidelity CEO Abigail Johnson why one of the most trusted financial services providers in the […]
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U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky investment,” adding that she would not recommend it to most people who are saving for retirement. However, Yellen noted that Congress could restrict the type of investments allowed in retirement accounts, including 401(k) plans. Janet Yellen on Investing in Cryptocurrencies for Retirement The topic […]
U.S. Treasury Secretary Janet Yellen is issuing a warning to those who choose leading crypto asset Bitcoin (BTC) as an investment option for their 401(k) retirement plans. In a new interview with The New York Times, Yellen says that financial services giant Fidelity’s recent plan to offer up Bitcoin as an investment option for employee […]
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A financial planning company allowing customers to include crypto in their 401(k) plans is suing the Federal government. In a new filing against the U.S. Department of Labor (DOL), the retirement firm ForUsAll says that the department is engaging in an “arbitrary and capricious” campaign against digital assets. The suit invokes the Administrative Procedure Act […]
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