Senators Express Concern Over Fidelity’s 401k Bitcoin Plan As Crypto Market Drops

Senators Express Concern Over Fidelity's 401k Bitcoin Plan As Crypto Market Drops

Effective May 1, 2022, the Indonesian government has planned to levy a 0.1 percent capital gains tax and a 5% value-added tax (VAT) on all crypto sales and purchases.

Senators Elizabeth Warren and Tina Smith of the United States have expressed grave reservations about Fidelity’s Bitcoin (BTC) 401k pension plan. In a letter to Abigail Johnson, CEO of Fidelity, they claim that cryptocurrency is a risky investment option for retirees.

Prices of Cryptocurrencies
At 8.50 a.m., the global crypto market cap had dropped 2.92 percent to $1.53 trillion. According to Coinmarketcap data, worldwide crypto volume increased by 11.88 percent to $98.53 billion.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $33,573.69 in the previous 24 hours, down 2.56 percent. Ethereum (ETH) was trading at $2,442.38, down 4.02 percent.

Cardano (ADA) was down 3.43 percent at $0.7151, Algorand (ALGO) was down 1.91 percent at $0.73, Binance Coin (BNB) was down 2.21 percent at $349.43, Solana (SOL) was down 3.23 percent at $74.37, and Polkadot (DOT) was down 3.88 percent at $12.92, among other prominent coins.

CenterPrime (CPX) was the greatest gainer today, up 794.58 percent to $2.78. Vexchange (VEX) was the worst performer, down 84.28 percent to $0.3052.

Meme Coin And DeFi Prices
Dogecoin (DOGE) was down by 2.97 per cent at $0.122. Its volume to market cap ratio stands at 0.07081. Rival Shiba Inu (SHIB) was down by 3.32 per cent at $0.00001807.

Dogelon Mars (ELON) lost 12.99 per cent to trade at $0.0000006926, Floki Inu (FLOKI) lost 5.14 per cent at $0.00001273, and Samoyed Coin (SAMO) was down by 4.15 cent at $0.01132.

In the DeFi segment, YFI (yearn.finance) was down by 3.95 per cent at $15,260.72, Terra (LUNA) was trading with a loss of 6.68 per cent at $60.50, Avalanche (AVAX) lost 4.61 per cent at $50.30, Uniswap (UNI) was down by 0.22 per cent to trade at $6.93, and Aave (AAVE) fell 5.84per cent to trade at $121.32. Hestu Yoga Saksama, director of tax regulations for the Ministry of Finance Indonesia, explained the rationale behind the taxation of cryptos in an interview with CNN Indonesia. He said that the Bank of Indonesia and the Ministry of Trade consider crypto as a commodity and not a means of payment or currency. Hence, VAT is being charged for its purchase and capital gains tax on its sale.

US Senators Warren and Smith have questioned the rationale behind Fidelity offering Bitcoin as a 401k pension investment option. In a letter addressed to Fidelity’s CEO, they wrote, “Investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity would take these risks with millions of Americans’ retirement savings,” reported the Wall Street Journal.  

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