Alabama Senator Tommy Tuberville is making another attempt to pass a law that would let Americans invest in cryptocurrency through their 401(k) retirement plans.
His bill, called the Financial Freedom Act, was first introduced in May 2022 and failed to pass in both 2022 and 2023.
In a March 31 interview on Fox News, Tuberville said he planned to bring back the bill on April 1, though Congress has not taken any official action. He framed the bill as part of his support for Donald Trump’s role as a “crypto president”, saying that Americans should have more control over how they invest their money.
The Financial Freedom Act seeks to minimize regulations made by the Department of Labor, which now restricts the types of investments permissible in 401(k) retirement accounts.
If this bill passes, citizens can invest in cryptocurrencies as part of their retirement accounts without government interference.
Wyoming Senator Cynthia Lummis supported the Financial Freedom Act in 2023, but it is unknown if she will support it again this time. During a 2022 interview, she expressed strong support for enabling individuals to use Bitcoin in their retirement, saying she felt “very comfortable” with the idea.
The crypto retirement bill comes as members of the Republican-controlled Congress are working on new laws to establish rules for the crypto market and stablecoins.
Supporters of the bill hope to get these laws passed and sent to Donald Trump for approval before the August recess, fearing they could become more politically controversial if delayed.
On April 1, voters in Florida will choose their representatives for the state’s 1st and 6th congressional districts. Republican candidates Jimmy Patronis and Randy Fine are receiving strong support from the crypto industry, thanks to $1.5 million in media spending from the Defend American Jobs PAC.
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