On June 9, The New York Times’s DealBook hosted a conference in Washington, DC to discuss business and policy challenges. Andrew Ross Sorkin and the DealBook team bring together corporate, policy, and political leaders for a day dedicated to changing old mindsets, rebooting critical processes, and laying out a practical strategy for the future. Starbucks’s CEO, Howard Schultz, and US Treasury Janet Yellen were the main speakers. At that conference, Janet Yellen remarked that crypto assets are a “very risky” investment when it comes to retirement plans for regular individuals, and that Congress should look into this issue.
US Treasury Secretary Janet Yellen stated:
“It’s not something that I would recommend to most people who are saving for their retirement. To me, it’s a very risky investment.”
Yellen was addressed about Fidelity Investments April statement that customers will be able to contribute Bitcoin to their 401(k) savings accounts. The 401(k) retirement plan will offer a crypto option to the workplace pension plans offered by the company. The pension programmes are extensively regulated, so authorities will almost certainly scrutinise Fidelity’s new venture. The US Department of Labor recently issued a caution against including cryptocurrency in 401(k) plans.
Yellen stated that it would be appropriate for Congress to limit the assets that might be incorporated into tax-favoured retirement vehicles such as 401(k) plans. She remarked:
“I’m not saying I recommend it, but that to my mind would be a reasonable thing.”
It has the potential to become the eureka moment for bitcoin acceptance in the United States. This cleared the stage for conventional money to pour into cryptocurrencies with this move.
Read more:
U.S. Department of Labor faces lawsuit over crypto advice by 401(k) plan administrator
