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You are here News Economy Bitcoin's crashing. The Biden administration wants to keep it out of your 401(k).

Bitcoin's crashing. The Biden administration wants to keep it out of your 401(k).

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Fidelity

A move by Fidelity Investments to let retirement savers add Bitcoin to their 401(k)s is becoming a new flash point in the fight over crypto regulation, pitting free-market Republicans against Democrats who say it’s a threat to millions of consumers.

The Biden Labor Department, which polices employer-sponsored 401(k)s, has warned the 76-year-old asset management firm that its foray into volatile crypto markets could endanger future retirees. Sen. Elizabeth Warren of Massachusetts — where Fidelity is based — questioned the company’s CEO about exposing investors to “a risky and speculative gamble.” Democrats are raising red flags as the price of Bitcoin has tumbled more than 50 percent from its all-time high in November.

Republicans have rushed to defend Bitcoin as a viable retirement asset class. Sen. Tommy Tuberville of Alabama introduced legislation last week that would prevent the Labor Department from restricting options available to employees in self-directed retirement accounts. He called the department’s recent guidance “government overreach at its finest.”

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