Crypto expert on Warren pushing back against bitcoin in 401(k): Fidelity knows what’s good for their customers
Sen. Elizabeth Warren, D-Mass., calls Fidelity plan a 'risky and speculative' gamble
Ava Labs President John Wu argues Sen. Warren sees Fidelity's Bitcoin plan 'as a gateway to all crypto.'
President John Wu of Ava Labs joined "Mornings with Maria" to discuss Fidelity's 401(k) Bitcoin plan after Sen. Elizabeth Warren's, D-Mass., raises concerns. Wu told host Maria Bartiromo on Monday that the financial services corporation "knows what's good" for their customers, arguing it would be a ‘bad move’ for government officials to push against this.
SEN. WARREN CALLS OUT FIDELITY OVER ITS BITCOIN 401(K) PUSH
JOHN WU: For every lawmaker that has issues with this and I think for Senator Warren, it's not just about bitcoin. She sees this probably as a gateway to all crypto, the whole asset class. For every senator that is against us, there's another one like Tuberville…who's now trying to do a financial freedoms act to protect this. And I think you and I were both in LA for the Milken conference. You saw the excitement between the enterprises and the financial services firms for this asset class. So I think putting it away from the access for 401(k)'s is a bad move.
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I think Fidelity knows what's good. They have for their customers. And if they want to move into this, the greater question here we have to answer is, do you want government involvement or do you not want government involvement for the country?
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Ava Labs President John Wu discusses Bitcoin's volatility and Sen. Elizabeth Warren, D-Mass., concerns regarding Fidelity's plan to put bitcoin in 401(k).