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The US-based investment group Fidelity announced its retail crypto trading accounts. Fidelity selected two major cryptocurrencies, bitcoin and Ethereum, to trade on the platform. Fidelity is considered one of the world’s largest asset managers, with $4.5 trillion (USD) under management. As per the reports, Fidelity crypto will be available in more than 35 United States, including California, New York, Florida, Massachusetts, Pennsylvania, and New Jersey.
Fidelity stated, “Fidelity Crypto is your opportunity to buy and sell bitcoin and Ethereum in the Fidelity Investments App.” The crypto analysts believed that Fidelity made a wrong decision by launching a crypto trading platform due to sudden FTX collapse in the crypto market. Fidelity replied, “our customers invest matters more than ever”.
Fidelity assured the customers “to trade crypto with as little as $1 (USD) while having an integrated view of both your traditional and crypto investments.” Fidelity provides commission-free trades on the platform with zero commissions for online US stocks and options trades. Fidelity accesses the entities making crypto commerce possible with the Fidelity Crypto Industry and Digital Payments ETF.
Recently, US senators Richard Durbin, Elizabeth Warren, and Tina Smith sent a notice letter to Abigal Jhonson, CEO of Fidelity Investments, to reconsider a decision to extend retirement plans for users to invest in the digital currency.
In a letter, the Senators wrote, “Fidelity Investments has opted to expand beyond traditional finance and delve into the highly unstable and increasingly risky digital asset market. The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear4 the digital asset industry has serious problems.”
Letitia James, the New York Attorney General, advised the policymakers to draft legislation to ban crypto investments and Individual Retirement Accounts (IRAs). From the past 24 hours, bitcoin was trading at more than 4% with $17,000 (USD). The other major cryptocurrency Ethereum rose by more than 8% to $1,272 (USD).
Recently, Janet Yellen, US Treasury Secretary, officially stated that the country needs rigid regulations on the crypto industry. The lawmakers also accepted the idea of Janet Yellen; they said now is the time to implement new regulations on cryptocurrency.
Sherrod Brown, Chairman of the Senate Banking Committee, stated, “Our financial watchdogs look into what led to FTX’s collapse so we can fully understand the misconduct and abuses that took place. I will continue to work with them to hold bad actors in crypto markets accountable.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
