Bitcoin's crashing. The Biden administration wants to keep it out of your 401(k).

Fidelity is forging ahead with the initiative as Washington officials scramble to keep up with the highly volatile $1.38 trillion crypto market. | Chip Somodevilla/Getty Images

A move by Fidelity Investments to let retirement savers add Bitcoin to their 401(k)s is becoming a new flash point in the fight over crypto regulation, pitting free-market Republicans against Democrats who say it’s a threat to millions of consumers.

The Biden Labor Department, which polices employer-sponsored 401(k)s, has warned the 76-year-old asset management firm that its foray into volatile crypto markets could endanger future retirees. Sen. Elizabeth Warren of Massachusetts — where Fidelity is based — questioned the

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