U.S. Treasury Secretary Janet Yellen said that cryptocurrency assets are a “very risky” choice to include in the retirement plans of average savers, and that it would be reasonable for Congress to address the danger.
“It’s not something that I would recommend to most people who are saving for their retirement,” Yellen said Thursday in Washington at an event organized by the New York Times. “To me it’s very risky investment.”
Yellen was responding to a question about an announcement from Boston-based Fidelity Investments in April that it would add a crypto option to workplace retirement plans it manages. The Labor Department has signaled its opposition.
Yellen said it would be reasonable for Congress to regulate what assets could be included in tax-favored retirement vehicles, like 401(k) plans.
“I’m not saying I recommend it, but that to my mind would be a reasonable thing,” she said of congressional action.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
