by • US lawmakers reintroduce bill to remove roadblocks for crypto investments in retirement accounts
• The “Financial Freedom Act” was introduced by Senator Tommy Tuberville and cosponsored by Cynthia Lummis, Rick Scott and Mike Braun
• The bill would bar the Department of Labor from pursuing enforcement actions against individuals using brokerage windows to invest in cryptocurrency
US Lawmakers Reintroduce Bill for Crypto Investments in Retirement Accounts
Four Republican senators have signed on to a bill introduced by Alabama Senator Tommy Tuberville which aims to allow United States 401(k) retirement plans to include exposure to cryptocurrencies. The Financial Freedom Act would prohibit the U.S. Department of Labor from investigating individuals “using brokerage windows to invest in cryptocurrency.”
Benefits of the Financial Freedom Act
The Financial Freedom Act will give individuals more freedom when it comes to investing their own money into their retirement savings. This act will ensure that everyone who earns a paycheck has the financial freedom to invest in their futures however they see fit. Additionally, this act will stop the Department of Labor from restricting individuals from investing their 401k’s into crypto.
Cosponsors of The Financial Freedom Act
Senators Cynthia Lummis, Rick Scott and Mike Braun have signed on as cosponsors of the bill alongside Senator Tuberville. Following a major market crash and bankruptcies of major firms including FTX, Voyager Digital and Celsius Network, Lummis said she was “very comfortable” with having U.S. investors include Bitcoin in their retirement accounts.
Impact On Crypto Market
The introduction of this legislation could be seen as positive news for those invested or looking to invest in cryptocurrencies due to its potential implications for increasing adoption rates within the United States and around the world. Already today Bitcoin is up 8%, showing investors’ confidence regarding these changes being implemented soon.
Conclusion
The passing of this bill would mean an increased accessibility for U.S citizens wanting to add crypto assets into their retirement portfolios as well as a wider acceptance throughout mainstream finance which could pave way for greater adoption rates across all markets globally.
