It’s been revealed that a Senator from Alabama is introducing a new bill that could potentially stifle the government from restricting top digital asset Bitcoin (BTC) and other cryptos as investment options for 401(k) retirement plans.
According to the latest reports, Republican Senator Tommy Tuberville is unveiling the Financial Freedom Act of 2022.
This would counter attempts by the U.S. Department of Labor (DOL) to exclude crypto assets as a choice for self-directed 401(k) plans.
More than that, it’s been revealed that the legislation would ensure that financial institutions and employers would not face legal troubles for offering virtual assets as a means of investment.
This is according to a press release from Tuberville, who is a former college football coach.
“The [DOL’s] guidance attempts to bar 401(k) investors from investing in cryptocurrency and undermines the ability of 401(k) plans to offer brokerage windows, which give retirement plan participants the ability to personally control how their assets are invested.”
The press release also notes that the guidance threatened that employers and investment firms could be subject to a DOL investigation and enforcement actions in case they allow individuals using brokerage windows to invest in cryptos.
This bill comes as the crypto regulation continues to go smoothly all over the world.
Crypto adoption boom
It seems that the crypto adoption is still going great these days, regardless of the prices in the market.
It’s been just revealed that the US asset manager WisdomTree hopes its forthcoming consumer-facing crypto wallet will offer an approachable experience for the less tech-savvy users.
The mass crypto adoption has been one of the most important goals that the crypto space has set and there have been a lot of moves taking place in this direction.
The crypto market is struggling to recover following the recent price losses that it saw.