Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: sinytom on July 25, 2023, 01:39:49 PM
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Blockbuster news, the first cryptocurrency fund for a U.S. government pension
Fidelity Funds, the administrator of the US government Pension, and coinbase, the largest cryptocurrency exchange in the US, have launched the US Pension Plan on the coinbase wallet platform, which is the world's first government pension fund directly available to global investors. It's a milestone for the U.S. government's approach to the cryptocurrency market.
As we all know, in the history of cryptocurrency regulation in the United States, this is definitely a milestone event, marking the beginning of the United States from the prohibition of cryptocurrency to open arms to embrace cryptocurrency. Behind this is the realization by the US government from the Venezuela incident, from the FTX incident and others, that cryptocurrencies are the unstopper mainstream of history. Banning it would cause the United States to lose priority in the field of competitiveness. Treasury Secretary Janet Yellen said the move to issue the US Pension Plan is a strong move by the US government to regain leadership in the cryptocurrency space, as well as an experiment by the US tax department in the cryptocurrency space to improve the tax regime for crypto assets, It is also an exploration of national public funds' investment in the cryptocurrency market.
Behind the issuance of US Pension Plan, coinbase is also inseparable from the efforts of Coinbase, the largest cryptocurrency exchange in the United States and the only listed exchange in the world. In the development of cryptocurrency, it has found that compliance management is of great significance to the development of cryptocurrency. coinbase actively communicated with government departments and lobbied government management departments to improve cryptocurrency regulatory regulations as soon as possible, as well as tax departments' tax regulations on crypto assets. Patick McHenry, chairman of the US House of Representatives Finance Committee, also said that the investment of currency was once the exclusive right of government agencies, large investment institutions and banking institutions, but the emergence of cryptocurrency has made it possible for ordinary people to participate. The management of tax issues caused by the significant profits generated by the investment of a large number of people in cryptocurrency is currently blank. The government should keep pace with The Times and accelerate the improvement of the corresponding management system.
More than $3 billion is said to have gone into the US Pension Plan. The US Pension Plan is a top target for retail investors. In fact, 47% of respondents in the CFA Institute Investor Trust study said saving for retirement was their most important investment goal. However, the traditional route to retirement savings - the traditional portfolio of stocks and bonds - doesn't work as well as it once did. Weakening diversification, falling real returns, and rising inflation all pose significant challenges to defined benefit and defined contribution (DC) pension funds. As funds struggle to meet return targets, investors are demanding new products. Fund managers must weigh these requirements in the context of their fiduciary or duty of care. Given these challenges, or at least until regulators step in - many pension funds are exploring allocations to crypto assets. So what does this mean for the future of trust in the traditional financial services industry?
Pension funds have expanded into digital assets and their supporting infrastructure. According to the Trust survey, 94% of state and government pension plan sponsors say they invest in cryptocurrency, as do 62% of corporate defined benefit plans and 48% of corporate defined deposit plans.
The US Pension Plan has been launched on coinbase wallet. This is a very forward-looking and creative measure of the US government that is expected to inspire other governments around the world to manage cryptocurrencies. It is also a sign that currency investment is open to the public. Both public funds and the general public stand to make significant profits when cryptocurrencies grow rapidly, and crypto investment is borderless, with people in every country able to participate.