US Treasury Secretary: Crypto regulation is necessary and a risky option if it is adopted in retirement savings
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Answer US Treasury Secretary: Crypto regulation is necessary and a risky option if it is adopted in retirement savings
According to Janet Yellen, the US Treasury Secretary, cryptocurrencies are very risky options if they are included in the retirement plans of regular savers, and Congress must act to address these risks.
Yellen made this observation in response to a question about Fidelity Investments’ recent announcement that it would include a cryptocurrency option in its retirement plans.
In April, Fidelity announced its intention to offer Bitcoin 401(k) savings programs later this year.
Savings programs are heavily regulated and monitored, so the Treasury’s position on Fidelity’s new initiative should not seem strange.
The US Department of Labor has previously issued a warning against putting cryptocurrency into people’s 401(k) accounts, indicating its opposition to such action.
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The Treasury Secretary finds it reasonable for Congress to control which assets should be included in tax-favorite retirement options, such as 401(k) plans.
Bitcoin shines as a store of value:
Senator Cynthia Loomis recently debated whether bitcoin should be included in 401(k) retirement plans, in which some American employees contribute a portion of their paychecks to their retirement savings accounts.
Senator Loomis notes that the Treasury Department’s hostile stance on putting cryptocurrencies into retirement savings may be incorrect.
According to Loomis, bitcoin can be used in two ways: as part of a diversified retirement asset allocation and as a store of value.
The smart investment strategy, according to Loomis, combines assets that generate a profit in the short term as well as assets that may prevent funds from amortizing, and according to them, bitcoin could be one of the latter, given that bitcoin really shines as a store of value.
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