Dems Expand Crypto Concerns to Retirement Accounts

In a letter today to Fidelity, Sens. Warren (D-MA) and Smith (D-MN) opposed the firm’s decision to include Bitcoin in its 401k plans, reinforcing prior guidance from the Department of Labor that took considerable exception to the use of virtual currency in retirement accounts.  Reflecting longstanding concerns by these Senators and Sen. Brown (D-OH) about cryptocurrency, the letter argues that Bitcoin’s volatility poses too much risk and questioned potential conflicts of interest due to Fidelity’s Bitcoin mining operation.