Sens. Elizabeth Warren of Massachusetts and Tina Smith of Minnesota raised questions about a plan by Fidelity Investments to let investors put bitcoin in their 401(k)s in a letter to the company’s chief executive, arguing that crypto might be too risky an investment for retirement savers.
In the letter dated Wednesday, the two Democrats also said Fidelity has potential conflicts of interest. The letter asked for information on the extent to which those potential conflicts might have affected the decision to offer bitcoin. Ms. Warren and Ms. Smith said Fidelity might have a conflict offering bitcoin in retirement funds because it has mined bitcoin and offers a crypto fund for wealthy investors.