U.S. Has 'Grave Concerns' over Fidelity's Plan to Add Bitcoin to 401(k) Retirement Plans

U.S. Has ‘Grave Concerns’ over Fidelity’s Plan to Add Bitcoin to 401(k) Retirement Plans

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Ali Khawar, a senior official within the administration, told The Wall Street Journal that he fears the move could put the funds of everyday consumers at risk.

The U.S. Labor Department has warned that it has “grave concerns” over Fidelity’s plan to allow Americans saving for their retirement to invest in Bitcoin.

Ali Khawar, a senior official within the administration, told The Wall Street Journal that he fears the move could put the funds of everyday consumers at risk.

He warned the newspaper that there’s “a lot of hype around ‘You have to get in now because you will be left behind otherwise.'”

Fidelity’s move means that 23,000 companies will now have the option to add Bitcoin to the menu of investments that their employees can invest in.

Assuming their employer opts in, workers will be able to allocate up to 20% of their 401(k) to Bitcoin — but this could be reduced.

Fidelity, which is America’s largest retirement savings provider, defended its new product — telling the WSJ:

“[This] represents the firm’s continued commitment to evolving and broadening its digital assets offerings amidst steadily growing demand for digital assets across investor segments, and we believe that this technology and digital assets will represent a large part of the financial industry’s future.”

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Panama Legalizes Crypto Transactions, But Won't Make Bitcoin Legal Tender

Panama Legalizes Crypto Transactions, But Won’t Make Bitcoin Legal Tender

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Crucially, Panama won’t be charging capital gains on Bitcoin, something that has been regarded as a pain point for investors around the world.

Panama has approved a law that will legalize crypto transactions.

However, the country isn’t planning to follow in the footsteps of El Salvador and the Central African Republic by adopting Bitcoin as legal tender.

The new law means that citizens will be able to pay their taxes using digital assets — and the Central American country, already regarded as a hub for offshore financial services, could end up attracting crypto businesses.

Crucially, Panama won’t be charging capital gains on Bitcoin, something that has been regarded as a pain point for investors around the world.

Although the president still needs to sign the bill before it becomes law, it received an overwhelming majority in the country’s parliament.

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Elon Musk Suffers Big Setback over Tweets — and Sells $4B of Tesla Stock

Elon Musk Suffers Big Setback over Tweets — and Sells $4B of Tesla Stock

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The world’s richest man says he has no further plans to offload stock in the electric vehicle company, which saw $126 billion wiped from its value in a single day this week.

Elon Musk has suffered a big setback after losing a legal fight with the U.S. Securities and Exchange Commission.

Since 2018, the world’s richest man has been required to seek approval for tweets about Tesla from the company’s lawyers.

That was part of an agreement reached with the SEC as punishment for tweeting that he had “funding secured” to take Tesla private.

Shares in the electric vehicle manufacturer surged at the time — and regulators accused the billionaire of misleading investors.

Now that Musk is on the brink of buying Twitter in a $44 billion deal, it’s clear that he really doesn’t want to be restricted in what he can post on his own site.

But unfortunately for him, a court threw out his request — meaning his legal team will still need to scrutinize his musings.

Judge Lewis Liman said Musk hadn’t been forced to enter into this agreement — and he can’t back out now he wishes he hadn’t.

Although the 50-year-old claims the rules affect his rights to free speech, the SEC disagreed.

Despite all of this, it hasn’t stopped Musk from tweeting about Tesla.

It’s recently emerged that he sold $4 billion worth of Tesla stock in the days after his Twitter deal was announced.

Tesla’s “technoking” has since stressed that no further sales are planned.

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Just 737 People Have Used Coinbase NFT Since It Launched

Just 737 People Have Used Coinbase NFT Since It Launched

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Coinbase NFT has had trading volumes of $315,874 since April 20 — while OpenSea’s stands at $92 MILLION over the past 24 hours alone. That said, this new marketplace is still in beta mode.

It’s been a rather subdued start for Coinbase’s new NFT marketplace.

Data from Dune Analytics has revealed that there have been just 985 transactions on the long-awaited platform since it launched on April 20.

Overall, Coinbase NFT has only been used by 737 people — with a total trading volume of $315,874.

By contrast, OpenSea — the world’s largest marketplace for non-fungible tokens — had trading volume of $92.46 million over the past 24 hours, DappRadar data shows.

There were also 55,982 traders over this period, with NFTs selling for an average price of approximately $1,600.

Such comparisons between OpenSea and Coinbase NFT might be unkind at this stage.

When the new marketplace was unveiled, Coinbase stressed that this shiny new product was in the beta stage.

A limited (and unknown) number of people from a waitlist have been invited to give the platform a go.

Estimates have previously suggested that more than 2.5 million are on this waitlist — so it’s fair to say that the demand is there.

A soft launch can help iron out the kinks before the masses arrive, and given Coinbase’s stature, it’s safe to say that its NFT offering will be popular.

As previously reported by CoinMarketCap, the exchange’s VP of product has said transactions will be free for a limited time only.

Coinbase NFT users will be able to create their own profile and illustrate it with the crypto art “that tells their story.”

And in a nod to social networks, users will also be able to follow other profiles and post comments, as well as upvote or downvote conversations from others.

Back in January, Coinbase and Mastercard also formed a partnership to ensure NFTs can be easily purchased using credit and debit cards.

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