After the market crash of FTX, US Senators are putting pressure on Fidelity to do an analysis of its Bitcoin offering.

The senators continued by saying that a large number of investment advisors, charismatic wunderkinds, and opportunistic scammers had actively participated in manipulating the price of Bitcoin (BTC), which had the effect of influencing holders of the 401(k) retirement scheme associated with the Bitcoin product offered by Fidelity.

According to them, the value of the asset has decreased since July, which was the month in which they initially raised concerns over the extremely alarming prospect of disclosing workplace retirement scheme to Bitcoin. According to the statements made by the senators, the domino effect is currently being seen across the greater market for digital assets, including Bitcoin, despite the fact that the full degree of the damage caused by the FTX exchange is still in the process of becoming more clear.

This is the second letter that senators have issued to the CEO in recent months; the first letter was sent on July 26 of this year. The first letter was addressed to the CEO. In that letter, the question was presented as to why Fidelity had made the choice to present its customers with a Bitcoin 401(k) program right from the beginning. In addition, Warren, Smith, and Durbin mentioned that about 32 million consumers in the United States and 22,000 workers use Fidelity for retirement accounts as well as employer-sponsored plans.

The senators went on to say that because a retirement security disaster is already underway across the jurisdiction, it would not be appropriate for Fidelity to expose the retirement savings of their customers to a pointless risk. They said this because the disaster is already moving across the jurisdiction. They indicated that in light of the ongoing warning signs and potential dangers, they exert pressure on the platform to make the best decisions possible for the benefit of plan members and plan sponsors.

US Policymakers Stand Behind Senatorial Skeptics of Cryptocurrency

In the meantime, it appears that the decision-makers in the United States have been supporting the three senators who earlier held the crypto-skeptic position. Tommy Tuberville, a Republican senator, presented the Financial Freedom Act to the United States Congress in May of this year with the intention of allowing individuals to use crypto assets in their 401(k) retirement scheme without any interference from regulatory authorities.