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A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed.

Financial Freedom Act

The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against allowing cryptocurrency investments in retirement plans.

Responding to the Labor Department’s crypto warning, U.S. Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act Thursday. The lawmaker described the bill as “legislation to prohibit the U.S. Department of Labor (DOL) from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window.”

Senator Tuberville explained, “Folks work for decades, live within their means, and invest wisely so they can retire comfortably,” elaborating:

Now, the Biden administration has taken it upon itself to dictate what assets are viewed worthy of retirement investment, taking the decision away from individual investors by issuing regulatory guidance targeting cryptocurrency.

“This is government overreach at its finest. The government has no business standing in the way of retirement savers who want to make their own investment choices,” he emphasized. “When you’ve earned your paycheck, how you invest your money should be your decision. My legislation makes sure that is the case.”

Following the introduction of his bill, CNBC published an opinion piece authored by the senator. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” he wrote, adding:

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.

Fidelity Investments, a major 401(k) plan administrator, also ignored the warning by the Labor Department. Shortly after the department’s warning, the company announced its plan to offer bitcoin investments in 401(k) accounts.

The financial services firm’s decision has prompted two U.S. senators, including Elizabeth Warren, to send a letter to its CEO demanding answers about why the company is ignoring the government’s crypto warning.

Do you think the Labor Department should be able to dictate what Americans can invest in their retirement accounts? Let us know in the comments section below.

One thought on “US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts

  1. For all you crypto people who have a hard time believing in the future of crypto or believing in hodling right now due to all the mixed signals, both in crypto and in the worldwide economy.

    Just take a breath and relax. I’ll give you some advice how to survive:

    What is crypto winter? Crypto winter is a (long) period of time where prices decline and/or stay low. Where sentiment is negative in general (from media outlets) and investors and the community start doubting if it will ever recover.

    It also a period of time where there are lots of innovations either being released or being build, but they usually stay under the radar and don’t go mainstream (like in bull market times). For example: Ethereum merge (during a bull market this event would be hyped to the max in main stream media).

    How to survive? As a long term crypto investor I’ve been through multiple bear and bull markets already.

    Last crypto winter was brutal and long. Crypto prices took years to recover or even show signs of improvement. The community was kinda dead and barely alive.

    Most of my friends sold their crypto practically at bottom prices cause they wanted to ‘get some money back’.

    What did I do?

    I stopped checking prices, maybe once a month i remembered I had some crypto and checked to see how bad it was.

    If you forget about it for a while it doesn’t hurt and you will not be so negatively influenced all the time.

    I have always considered my crypto invested money as gone. That made it so much easier to survive winter. I always pretend in my head that I will loose it all and prices will eventually go to 0. That way I’m not tempted to sell.

    Read about innovations, tech stuff, blockchain stuff. Real world adoption etc. It’s more fundamental, you’ll get a better understanding of the ideas and possibilities of the underlying technology. Do Not read about prices, predictions and specific currencies/tokens. It’s all bs, no one can tell the future.

    Have some faith. Just trust that these cycles are normal. We are only at the beginning of the potential crypto has in our world.

    Last but not least: Don’t ever think you or someone knows when we have reached market bottom. It can always get worse. So if you think we’ve reached bottom in this current market, start reading this piece of text again😉

    And the sun will always start shining again when you least expect it☀️

    Happy winter guys!

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