US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts – A bill has been presented in the US Senate that would prevent the Labor Department from publishing any regulations or guidelines that would limit the types of investments that people can make in their retirement plans, including cryptocurrencies. “The Biden administration is now focusing on cryptocurrency.” “Which investment class will be next?” the legislator asked.
In Washington, the question of what investments Americans can keep in their retirement accounts has become a hot topic. In March, the Department of Labor issued a warning to employers and financial institutions not to accept bitcoin deposits in retirement plans.
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Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act on Thursday in response to the Labor Department’s crypto warning. According to the legislator, the bill “prohibits the United States Department of Labor (DOL) from issuing a regulation or guidance that limits the sorts of assets that self-directed 401(k) account investors get to choose through a brokerage window.”
“People work for decades, live within their means, and invest carefully so they may retire comfortably,” Senator Tuberville explained, adding:
“The Biden administration is selecting what assets are considered worthy of retirement investment by introducing regulatory measures targeting bitcoin, removing choice from individual investors.”
“This is government excess at its most extreme.” He emphasized that the government has no business preventing retirees from making their own investing decisions. “You should select how you want to invest your income after you’ve earned it. My legislation allows this to happen.”
CNBC released an opinion article written by the senator following the introduction of his bill. “The Biden administration is now focusing on cryptocurrency.” “What is the next investing class?”
He continued:
“Whether or not you believe in cryptocurrency’s long-term economic prospects, it is your decision, not the government’s, to put your retirement assets in it.”
Also Read: Sequoia Capital Partner Believes Lots of VCs Will Pull Back From Crypto
US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts – Fidelity Investments, a well-known 401(k) plan administrator, also rejected the Labor Department’s warning. The company disclosed its plan to offer bitcoin investments in 401(k) accounts shortly after the department’s warning.
Two US senators, including Elizabeth Warren, have written to the financial services firm’s CEO, asking answers as to why the corporation is ignoring the government’s crypto warning.
