In a letter to Fidelity''s Chief Executive Officer, Abigail Johnson, she asked, among other things, why the program did not address earlier concerns about the inclusion of cryptocurrency in 401(k) retirement accounts.
"Why did DOL''s''serious concerns'' about a fiduciary''s decision to expose participants to direct investment in cryptocurrencies?" senators wrote.
Fidelity''s decision to extend its investment into 401(k) was based on a growing demand from employees. Despite the firm''s saying that it will charge no fees for the service, the Senators still demanded to know if the potential customers will have to worry about any fees.
Fidelity said in the previous announcement that it would only allow about 20% of a particular client''s portfolio to be invested in digital currencies. Despite a lack of demand for this option, Senators retaliated, saying, "Despite the fact that only two percent of individuals expressed interest in adding cryptocurrency to their 401(k) menu Fidelity has decided to move ahead with its funding initiatives."
Fidelity did not answer to the senators'' specific concerns. In an email to CNN Business, a spokesperson said the company would respond directly to them.
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"As a Massachusetts-based business with a 75-plus-year history of doing what''s in the best interests of our customers, we look forward to continuing our respectful dialogue with policymakers in order to ensure that they have responsibly access to all appropriate consumer protections and educational guidance," says Fidelity.