A group of U.S. Senators wrote a letter to Abigail Johnson, CEO of Fidelity Investments, requesting an explanation of her decision to include bitcoin as an option in 401(k) retirement savings accounts.

US Senators Upset That Fidelity Investments Offers Bitcoin 401(k) Retirement Option

— Senators Warren, Durbin and Smithhttps://t.co/9YJMGgwE8g pic.twitter.com/Fgk9CprOce

– no bullshit bitcoin (@nobsbitcoin) 28 July 2022

The management company intended to add a similar feature this summer. The option will be available to employees of 23,000 companies that use Fidelity to manage their $2.7 trillion retirement plans.

Representatives of the Democratic Party, Dick Durbin, Elizabeth Warren and Tina Smith, emphasized in their speech that the money earned went to citizens “with great difficulty” to invest in a “crypto money casino”.

“The decision is very worrying. Why does Fidelity allow it when retirement savings are already an issue for so many Americans? […] Are you risking an untested, highly volatile and unregulated asset like Bitcoin?”, they wrote.

The message did not contain any bans or threats.

In an interview with CoinDesk, company representatives announced that the product launch has been delayed until the fall. They emphasized that they are in close dialogue with their deputies.

Recall that in April 2022, Warren compared cryptocurrencies to the US mortgage crisis.

A month later, Republican Senator Tommy Tuberville from Alabama introduced a bill that would allow US citizens to accumulate cryptocurrencies in their 401(k) retirement savings account.

Earlier, the US Department of Labor had expressed “serious concerns” about the Fidelity Investments initiative.

In 2020, the first cryptocurrency investment retirement plans were introduced in the US by DAiM and Bitwage with Gemini.

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