Republican senator Tommy Tuberville of Alabama has recently introduced a bill that aims to allow US citizens to accumulate crypto in 401(k) retirement savings accounts.
The document, which Tuberville has called the Financial Freedom Act, is a response to the reaction of the US Department of Labor. The agency had previously expressed its concern about Fidelity Investments’ decision to allow customers to integrate bitcoin into their retirement savings packages.
Tuberville has said:
“People have been working for decades, living within their means, and investing wisely to have a comfortable pension. Now the Biden administration has decided to dictate what assets are considered worthy of retirement investment. This is an abuse of power at its finest.”
According to him, the draft law will prohibit the ministry from restricting investment types for 401(k) packages.
