Treasury’s Janet Yellen: Bitcoin ‘Very Risky’ Option for Retirement Savings - Decrypt

Treasury Secretary Janet Yellen warned against including Thursday Bitcoin And other cryptocurrencies in retirement plans, calling them “very risky investments.”

Yellen’s comments a . came on new York Times program in Washington, in response to a question about Fidelity’s April announcement, that it would Let employees save up to 20% of his retirement fund in bitcoin.

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“It’s not something I would recommend to most people who are saving for their retirement,” she said. “For me, it’s a very risky investment.”

The US Department of Labor has previously indicated Fidelity’s opposition to allowing bitcoin in retirement accounts, saying there were “serious concerns” over the decision. But House Republicans last month sought to protect the option with a bill This would circumvent the federal ban on crypto retirement savings.

Feather Competition On Thursday, Yellen said he thought it would be “legitimate” if Congress decided to impose rules on retirement plans that are given favorable tax terms.

“Tax laws have created an opportunity to save in tax-advantaged ways,” she said. “If Congress wants to get involved in legislating this area and say, ‘We’ve given tax incentives to 401(k)s and retirement plans, and we want to regulate what form the savings can take’, In my mind it would be valid. I am not saying I am recommending it.”

Yellen and crypto

Yellen’s own attitude towards crypto over the years has been mixed. Famously saying that she was “not a fan” of bitcoin in 2018, she recently admitted that Some of the benefits of technology were including innovation.

after terra stablecoin UST’s recession, she said There is no systemic risk in crypto to the financial system, but also Calls on Congress to pass stablecoin law by the end of this year.