According to a post published by Alabama Senator Tommy Tuberville earlier today, allowing Americans to include cryptocurrency in their retirement funds is a good idea.
Tuberville has presented the Financial Freedom Act, which would ban the US Department of Labor from restricting retirement plan investment options. Fidelity Investments has announced that employers will be able to add Bitcoin to their 401(k) plans. Workers will be able to invest up to 20% of their assets in Bitcoin, potentially boosting Bitcoin adoption.
The initiative drew the attention of the Labor Department. Fidelity’s offering has caused “great concern.” It issued recommendations advising businesses to avoid exposing employees to cryptocurrencies, citing investor protection as one of the major concerns.
Fidelity has criticised the guidance, calling it “constructive.” The Labor Department, on the other hand, has no intention of changing its stance. It should be emphasised, however, that the guidance does not ban Fidelity from offering Bitcoin retirement plans.
Tuberville believes that Americans should be entitled to invest their retirement assets “anyway they see fit,” dismissing the notion that cryptocurrencies are too hazardous.
Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota, on the other hand, have adopted opposing positions. They chastised Fidelity CEO Abigail Johnson in a joint letter for rushing the offering despite poor demand, putting the savings of millions of Americans at risk. Cryptocurrencies, they added, are a “speculative gamble.”
What do you think about Alabama senator’s stance on this?
Read more: US Senators introduce new crypto bill to reduce capital gains tax
