US Senators Ask Fidelity to Reconsider Bitcoin Plan

US Senators Ask Fidelity to Reconsider Bitcoin Plan

US senators demanded that Fidelity reconsider its Bitcoin savings policy included in its retirement plan.

Three US senators pointed out that the crypto industry is becoming more and more turbulent and chaotic.

US Senators Send Letter to Fidelity CEO

Richard Durbin, Elizabeth Warren and Tina Smith sent a letter to Abigail Johnson, CEO of Fidelity Investments, regarding the issue. The following statements were included in the letter:

“Fidelity Investments has chosen to go beyond traditional finance and enter the highly volatile and increasingly risky digital asset market.
The collapse of FTX, a cryptocurrency exchange, made it clear that the digital asset industry has very serious problems.”

In April, Fidelity announced a plan that would allow people on a 401(k) plan to devote 20% of their retirement savings to Bitcoin. Senators made statements about how dangerous it is to invest in cryptocurrencies in July.

Fidelity continues to attach importance to digital assets. A subsidiary, Fidelity Digital Assets, recently enabled institutional clients to invest in ETH. The company plans to launch a platform called Fidelity Crypto in the near future.

Note: the top two most popular NFT marketplaces are OpenSea and SuperRare, which have some basic differences.

Stopped Withdrawal Transactions! New Statement from Gemini Cryptocurrency Exchange!

Giant cryptocurrency exchange Gemini announced on November 16 that it had temporarily stopped withdrawals for the product “Earn” and stated that it was working with Genesis to restart withdrawals. A new statement on the subject came from the crypto money exchange.

Work In Progress

A new statement has come from the cryptocurrency exchange Gemini, which has suspended withdrawals for the Earn product. Sharing a series of five tweets from its official Twitter account, the cryptocurrency exchange said, “We continue to work with Genesis Global Capital (Genesis) and its parent company Digital Currency Group (DCG) to find a solution for Earn users to use their funds.

This remains our highest priority, and we understand that Genesis and DCG are committed to exploring every possible option to meet their obligations to Earn users. We appreciate the patience of Earn users during this challenging time and are working hard to provide an important informational update soon.” It also clarified an important detail while deleting the note.

Amid fears that FTX’s bankruptcy will lead to the bankruptcy of many cryptocurrency exchanges and companies, it has been speculated that Gemini is the next exchange to declare bankruptcy, as it suspends withdrawals for its Earn product. Gemini, as in every statement, once again underlined that the problem with the Earn product does not affect the other products and services of the exchange.

The statement said that all client funds in the company’s stock exchange and asset custody arm are held in a 1:1 ratio and client funds can be withdrawn at any time. The crypto exchange has previously stated that the problems with the Earn product do not affect the other products and services of the exchange.

About Gemini

Gemini, a global cryptocurrency exchange, was founded in 2014 by famous investors Cameron and Tyler Winklevoss. The Winklevoss brothers announced the founding of Gemini in early 2014, but the exchange became operational in October 2015.

As of the 2nd quarter of 2022, the exchange operates in more than 60 countries, including the USA, UK and Canada. Like other cryptocurrency exchanges, Gemini allows users to buy and sell various cryptocurrencies with cryptocurrencies or using fiat currencies such as Turkish lira and US dollars to buy cryptocurrencies.

According to data provided by crypto data platform CoinMarketCap, Gemini is the 7th largest cryptocurrency exchange in the world, with a volume of $46.3 million generated in the last 24 hours. As expected, Binance is at the top of the list.

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