US lawmakers reintroduce bill to remove roadblocks for crypto investments in retirement accounts
Alabama Senator Tommy Tuberville has reintroduced legislation aiming to allow United States 401(k) retirement plans to include exposure to cryptocurrencies.
In a Feb. 15 announcement, Tuberville said the Financial Freedom Act — which he first introduced to the U.S. Senate in May 2022 — aimed to reverse policy from the Department of Labor directing what type of investments were allowed in 401(k) plans, including crypto. According to the senator, the bill would bar the DOL from pursuing enforcement actions for individuals “using brokerage windows to invest in cryptocurrency.”
“The federal government shouldn’t choose winners and losers in the investment game,” said Tuberville. “My bill ensures that everyone who earns a paycheck has the financial freedom to invest in their futures however they see fit.”
Sen. Tuberville (R) plans to reintroduce the "Financial Freedoms Act"It aims to stop the Dep of Labor from restricting individuals from investing their 401k's into crypto"Every American should have the right to invest their retirement money how they see fit"$BTC up 8% today pic.twitter.com/e9saPsj5j6
Tuberville reported that Senators Cynthia Lummis, Rick Scott and Mike Braun had signed on as cosponsors of the bill. Lummis said in a December 2022 interview — following the crypto market crash and the bankruptcies of major firms including FTX, Voyager Digital and Celsius Network — that she was “very comfortable” with having U.S. investors include Bitcoin (BTC) in their retirement accounts.
Politico reported on Feb. 14 that Florida Representative Byron Donalds planned to introduce an equivalent bill in the House of Representatives on Feb. 17. Donalds and Tuberville, both members of the Republican party, could face opposition from
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