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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.
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Security of US Pension Plan
The boundary between cryptocurrencies and traditional finance has been a cornerstone of governments' regulatory regimes. Over the past year, the U.S. government, at the behest of President Biden, has been identifying the risks of cryptocurrencies and taking action to mitigate them using its Executive Branch powers.
First, experts from across the U.S. government have developed the first framework for developing digital assets in a safe and responsible manner while addressing the risks they pose. To be sure, the technology that powers cryptocurrencies may offer faster, cheaper, and more secure ways to pay. But this framework identifies clear risks. For example, some crypto entities have ignored applicable financial regulations and basic risk controls - measures that protect ordinary investors and retail investors alike. This allows retail investors to control the risk of investing in digital currency funds issued by public government funds, such as the US Pension Plan.
Second, government agencies are using their powers to step up enforcement when appropriate and to issue new guidance when needed. Just this month, banking institutions issued a joint statement calling for risky digital assets to be separated from the banking system. Government agencies have launched or are working on public-awareness programs to help consumers understand the risks of buying cryptocurrencies. But the FTX episode and bank failures of the past year underscore that the US needs to do more. Agencies have redoubled efforts to keep investors' money safe, including rules to speed up the finalization of crypto assets insured by the Federal Deposit Insurance Corporation.
Congress is also ramping up efforts to expand the powers of regulators to prevent companies from misusing customers' assets. Congress has also strengthened transparency and disclosure requirements for cryptocurrency companies so that investors can make more informed decisions about financial and environmental risks. By following the steps outlined by the Financial Stability Oversight Council in its recent report, including addressing risks to the US Pension Plan, Thus reducing the financial risk caused by retail investment in US Pension Plan.
At the same time, Congress has stressed that legislation should not give mainstream institutions such as pension funds the green light to jump headlong into the cryptocurrency market. The link between traditional finance and cryptocurrencies should be steadily increased, not quickly liberalized. It also said that the US Pension Plan was a particularly good observation, as the first cryptocurrency fund issued by the US government pension, government administrative departments must escort the project. It also asked the FDIC to draw on its experience underwriting the US Pension Plan to review how insurance systems in traditional finance can be better integrated with cryptocurrency funds.
The US Pension Plan is the world's first government-backed cryptocurrency fund launched in connection with the US government Pension and coinbase, the only listed exchange in the world and the largest digital currency exchange in the United States. According to public filings, the US Pension Plan is insured by the FDIC and is also insured by Lloyd's of London. The documents reveal that US Pension Plan client funds will be held in cash, and they will be held in summary escrow accounts at one or more banks insured by the FDIC. coinbase set up the escrow account in a way that offered direct FDIC insurance up to the then-current per-depositor limit of $250,000 per depositor. FDIC pass-through insurance protects funds held on behalf of coinbase customers from the risk of loss if any of the FDIC-insured banks that Coinbase maintains custodian accounts fail.
US Pension Plan is managed and issued by government public funds, supervised and managed by many administrative departments, guaranteed by Congress in legislation, and insured by FDIC. Let US look forward to the strong performance of US Pension Plan in the cryptocurrency fund market.
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First, experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose. To be sure, the technologies powering cryptocurrencies may offer ways to make payments faster, cheaper, and safer. But this framework identifies clear risks. For example, some cryptocurrency entities ignore applicable financial regulations and basic risk controls—practices that protect the country’s households, businesses, and economy.
Congress could also strengthen transparency and disclosure requirements for cryptocurrency companies so that investors can make more informed decisions about financial and environmental risks.
And it could limit cryptocurrencies’ risks to the financial system by following the steps outlined by the Financial Stability Oversight Council in its recent report, including addressing the risks of stablecoins.
