Will crypto finance your future retirement? SenTuberville unveils the Financial Freedom Act that will allow Americans to add cryptocurrency to their 401(k) retirement savings plan unencumbered by regulatory guidance. (Reporting via NewarBrian)
since the firm has been working with crypto products since 2017. They also mentioned that crypto investments bear “significant risks of fraud, theft and loss.”While the DOL’s new guidance does not name Fidelity specifically, it notes that its
of monetary law through cryptocurrency could lead to the shut down of trading platforms, which ultimately hurts investors.Senator Tuberville promised that the Financial Freedom Act would prohibit the DOL from limiting what types of investments a self-directed 401 retirement plan can invest in. He stated succinctly at the end of his op-ed that “The Labor Department should not be able to limit the range or type of investments retirement savers can select.
“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.” So far, no other senators have yet to voice public support for the brand new bill. It would need to gain a majority of votes in the Senate to be passed along to the House of Representatives for further review. Democrats currently hold a majority in the Senate, which makes the passage of the legislation a steep and uphill battle. However, Tuberville has made his point loud and clear.
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