The FDIC doesn’t insure assets issued by non-bank entities, such as crypto companies. The same is true for SIPC. What about digital assets held in retirement plans? The Journal of Pension Benefits says “Cryptocurrency currently is not protected by any government agency and investors have little or no recourse if their accounts are hacked or subject to fraud. Fiduciaries must take prudent steps to protect participant accounts and plan assets from theft by means of a cyberbreach.” #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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