Retirement plans are still very much at the fringe of crypto adoption as well as regulatory discussion. This department saw a significant development last week. United States Senators Elizabeth Warren, Massachusetts, and Tina Smith, Minnesota. Concerned about Fidelity’s recent announcement of adding (BTC() to its clients’ 401(k) retirement investment menu. In a letter to the company’s CEO Abigail Johnson, the lawmakers expressed their uneasiness over a “conflict of interests” and the “significant risks of fraud, theft and loss,” requesting from Fidelity a detailed outline of risk mitigation actions.

While crypto-401(k) plans may be rare, the U.S. Department of Labor has already begun to pay suspicious attention. However, crypto retirement investing does have high-ranking allies. In response to Warren and Smith’s letter, Senator Tommy Tuberville from Alabama has unveiled a new bill titled the Financial Freedom Act to Americans can add cryptocurrencyUnencumbered with regulatory guidance, they can continue to save for retirement in their 401(k).