US senators resorted to the FTX collapse and, problems in the crypto industry, urged to stop offering bitcoin and its services Because the time is not right now and the crypto business has become more corrupted due to fraud and misleading people.
“We should reconsider our view and our opinion on allowing bitcoin exposure,” three US senators wrote Monday in a letter to Fidelity Investments CEO Abigail Johnson regarding the financial services firm’s bitcoin offerings in retirement plans. we urge. On the letter, Senators Elizabeth Warren (D-MA), Richard J. Durbin (D-IL) and Tina Smith (D-MN).
He elaborated that the digital industry has only become volatile and chaotic since the last session, and that all characteristics of the asset class or individuals saving for retirement are nowhere to be found. He wrote that the recent FTX issue made that clear. is that the industry is riddled with scammers, useless advisors, and mere tactic investors who issue statements that make no sense and do not promote transparency, or that aim only to engage chaotic elements .
Parliamentarians filed a warning that as a result of misguided and fraudulent views and deceptive activities by some individuals, bitcoin and other digital assets are being adversely affected and their valuations are being adversely affected, with the extent of damage reaching its peak. There is a lot of fear and problems being felt in the wider asset market with no end in sight and crypto haters and digital asset haters are living a comfortable life bringing the industry into disrepute. These risks and the continuing warning signs lead us to say that we would again urge Fidelity Investments’ organizer and participants at their best to give some thought to their rash decision to offer bitcoin exposure. According to MPs, the retirement security organization is already running and cannot make it worse by putting savings at unnecessary risk.
Fidelity’s decision to offer bitcoin investments through plans has upset the US Department of Labor, as Ali Khabar, Acting Officer of the Labor Department’s Employee Benefits Security Administration, says we are concerned about what Fidelity has done. Is. Even Treasury Secretary Janet Yellen has warned that crypto is too risky and unsuitable for retirement savings.
Senator Warren sent a letter to Johnson at the beginning of the year seeking answers about the financial firm’s decision to allow bitcoin exposure in retirement products, and in September, several US lawmakers voted to include “workers in 401(k) plans.” Also introduced a bill called the Retirement Savings Modernization Act to allow “diversification of assets”. Overall US senators and lawmakers want bitcoin exposure to be put on hold for the time being amid problems in the industry and reconsidered. They want the authorities to understand this and protect the crypto industry from corruption and control by counterfeiters. It is clear from his statement that he is concerned about crypto services and his statement is on the subject of the continuous decline and problems in the industry and they don’t want an industry like crypto where there is so much potential and opportunity to be tainted for any reason and because of the FTX problem and its bankruptcy, the industry will see a decline and people will lose faith in it.
