On 5th May, a U.S. senator, Tommy Tuberville put forward a Financial Freedom bill to ban the Labor Department from releasing regulations or advice that limit the types of investment available to people in their retirement plans, including cryptocurrencies. “Today, the Biden administration is targeting cryptocurrency.” “Which investment class is next?” emphasised by congressmen.
What investments Americans can put in their retirement accounts has become a big topic in Washington. The Department of Labor released recommendations in March cautioning employers and investment firms not to allow crypto investments in retirement plans.
U.S. senator Tommy Tuberville (R-AL) launched the Financial Freedom Act on Thursday in response to the Labor Department’s crypto warning. Tommy Tuberville lawmaker explained the bill as:
“legislation to prohibit the U.S. Department of Labor (DOL) from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window.”
Senator Tuberville elaborated, by saying, “Folks work for decades, live within their means, and invest carefully so they may retire comfortably.”
“Now, the Biden administration has taken it upon itself to dictate what assets are viewed worthy of retirement investment, taking the decision away from individual investors by issuing regulatory guidance targeting cryptocurrency.”
Following the introduction of his measure, the senator wrote an opinion article for CNBC.
“Today, the Biden administration is concentrating its efforts on cryptocurrency.” “What is the next investing class?”
He went on to say:
“Whether or not you believe in the long-term economic prospects of cryptocurrency, the choice of what you invest your retirement savings in should be yours — not that of the government.”
Fidelity Investments, a prominent 401(k) plan administrator, similarly rejected the Labor Department’s warning. Shortly following the warning from the department, the company announced plans to offer bitcoin investments in 401(k) accounts.
The move has caused two U.S. senators, including Elizabeth Warren, to write to the company’s CEO, requesting answers about why the corporation is defying the government’s crypto warning.
Read more:
US Senators introduce new crypto bill to reduce capital gains tax
