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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A Senator from Alabama is introducing a new bill that could potentially stifle the government from restricting top digital asset Bitcoin (BTC) and other cryptocurrencies as investment options for 401(k) retirement plans. Republican Senator Tommy Tuberville is unveiling the Financial Freedom Act of 2022, which would counter attempts by the U.S. Department of Labor (DOL) […]
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Two members of the US Senate are writing a letter to financial services giant Fidelity presenting issues with the firm’s new plans to offer Bitcoin (BTC) as an option for 401(k) retirement plans. In a letter penned to Fidelity CEO Abigail Johnson, Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota express doubts about […]
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The U.S. Department of Labor (DOL) is reportedly having “grave concerns” about Fidelity Investments’ recent decision to launch Bitcoin (BTC) 401(k) plans. In a new Wall Street Journal (WSJ) interview, Acting Assistant Secretary of the DOL’s Employee Benefits Security Administration (EBSA) Ali Khawar acknowledges crypto has intriguing use cases but says it needs “maturing” before […]
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The U.S. Labor Department has “grave concerns” about Fidelity Investments allowing investors to put bitcoin into their 401(k) accounts for retirement savings. An official of the Labor Department said it risks the retirement security of Americans, stressing that “cryptocurrencies can present serious risks to retirement savings.” U.S. Labor Department’s ‘Grave Concerns’ Over Fidelity’s Bitcoin 401(k) […]
The multinational financial services corporation based in Boston, Fidelity Investments, has revealed the firm is allowing people to add bitcoin into their 401(k) plan as long as the employer allows it. According to Fidelity’s head of workplace retirement offerings, the company has seen “growing interest from plan sponsors” that wanted to add bitcoin to retirement […]
The U.S. Department of Labor (DOL) is warning investment firms to “exercise extreme care” before adding crypto to their retirement plans. In a new statement, the department says it has serious concerns about fiduciaries who expose 401(k) participants to crypto assets. “These investments present significant risks and challenges to participants’ retirement accounts, including significant risks […]
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