Rep. Byron Donalds (R-FL) presented legislation in the United States House of Representatives on Friday that would allow Americans to include Bitcoin in their 401(k) retirement plans.
The bill complements the Senate’s Financial Freedom Act of 2022, which was proposed earlier this month. President Biden’s Department of Labor would be prohibited from restricting the types of investments that self-directed 401(k) account investors might select to invest in through a brokerage window under Rep. Donalds’ measure.
Donalds characterised the Department of Labour’s remarks as a far-reaching and broad attempt to consolidate authority in Washington. Furthermore, the suggestion violates the foundational ideals of economic liberty and free markets.
Representatives Tom Emmer, Warren Davidson, Young Kim, and David Schweikert, among others, have expressed strong support for the bill he introduced. In fact, the crypto community is in favour of the Financial Freedom Act. Donalds’ statement also includes quotes from the Chamber of Digital Commerce and the Blockchain Association.
Fidelity also called out the Department of Labor when it announced its opposition in mid-April. Fidelity voiced reservations about the Department’s proposed regulations. It appears that this did not deter Fidelity from proceeding with its intentions. Because it announced its Workplace Digital Assets Account in late April.
MicroStrategy, the top publicly traded business with the most Bitcoin (BTC) in its portfolio, recently revealed intentions to allow employees to retire on Bitcoin through Fidelity’s Bitcoin 401(k) scheme.
True, the asset class has established a substantial presence in the financial world. Nonetheless, they are surrounded by global scepticism. It is also to be anticipated whether these bills will be approved.
Read more: EU Parliament approves “privacy-breaking” crypto regulation
 retirement){kind=link}