This article comes fromThe Blocksecondary title

Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Fidelity will reportedly launch bitcoin trading to retail investors through its brokerage clients.

According to the Wall Street Journalto reportto report

, Fidelity Investments plans to launch bitcoin trading for retail clients on its brokerage platform.

The trillion-dollar asset manager will allow users to buy bitcoin through its platform, its latest move in the cryptocurrency space, people familiar with the matter told The Wall Street Journal. The company launched a bitcoin trading business for institutional investors and hedge funds in 2018.

Additionally, nearly two years after the Fidelity Investments Bitcoin Index Fund launched, growth in in-bound investments has declined year-over-year, according to regulatory filings. Launched in August 2020, the Wise Origin Bitcoin Index Fund is dedicated to providing Fidelity clients with exposure to Bitcoin.Nearly nine months later, the fund has raised $102 million, according to US SEC filings. As of May 23,The fund raised a total of $126.5 million

, indicating that its overall growth is slowing compared to the previous reporting period.

While the fund's growth slowed in its second year, the number of investors has grown from 83 to 689.

"I'm told by people familiar with the matter that Fidelity will soon switch retail clients to cryptocurrencies," Galaxy Digital CEO Mike Novogratz said at the SALT conference in New York on Monday.expressexpress

, "I hope the news is correct."

The asset manager, which has about $4.2 trillion in assets under management, in Aprildisclose, which plans to allow investors to open bitcoin accounts in 401(k) plans once employers approve them. Later this year, the 23,000 companies that use Fidelity to manage their retirement plans will have the option to add bitcoin to their retirement savings menu. Fidelity alsoexpressexpress

It is worth mentioning that Fidelity's move has aroused doubts from many parties, including U.S. Treasury Secretary Yellen, the U.S. Department of Labor, and many U.S. lawmakers.

For example,For example,A senior executive said

, U.S. Labor Department officials believe that Fidelity Investments' plan to allow investors to deposit bitcoin into 401(k) accounts may jeopardize the retirement security of Americans.

“We are deeply concerned about what Fidelity has done,” Ali Khawar, acting assistant secretary of the U.S. Employees Benefits and Security Administration, said in an interview.Additionally, U.S. Senators Elizabeth Warren and Tina Smithwrote to Fidelity Investments CEO Abigail Johnson and said

, cryptoassets are a risky and speculative gamble, concerns about millions of Americans’ retirement savings taking these risks, and other concerns include Fidelity’s conflict of interest (which mines bitcoin and offers cryptocurrency funds ), fees, etc., and ask them to provide relevant information and solutions.But Fidelity's plan also received support. Specifically, U.S. Congressmen Byron Donalds, Warren Davidson, Young Kim, David Schweikert, Tom EmmerCo-file new bill in May

"The House Companion of the Financial Freedom Act of 2022" (House Companion Bill to the Financial Freedom Act of 2022), which aims to protect the ability of U.S. investors to add cryptocurrencies such as Bitcoin to their 401(k) retirement plans. If passed, the bill would prevent the Labor Department from limiting the types of investments 401(k) account holders can choose.