The US Treasury Secretary, Janet Yellen gave a statement that crypto assets are a “very risky” choice to add in the retirement plans of average savers, and that it would be reasonable for Congress to address the danger, Bloomberg reported.
“It’s not something that I would recommend to most people who are saving for their retirement,” Yellen said Thursday in Washington at an event organized by the New York Times.
“To me it’s very risky investment,” said Yellen.
Yellen was answering a question about an announcement from Boston-based Fidelity Investments to add a crypto option for Retirement Accounts in April.
Also Read: Fidelity Investments allow Customers to put Bitcoins into Retirement Accounts
The Labor Department has hinted at its opposition. Even Elizabeth Warren objected to Fidelity’s plan to offer Bitcoin in 401(k)s.
Yellen said it would be reasonable for Congress to regulate specific assets which could be included in tax-favored retirement vehicles, such as 401(k) plans.
“I’m not saying I recommend it, but that to my mind would be a reasonable thing,” Yellen stated of congressional action.
