Alabama Senator Tommy Tuberville is in favor of having cryptocurrencies in American pension funds.
Tuberville introduced the Financial Freedom Act, a bill that would prevent the US Department of Labor from limiting the range of investment options for retirement plans.
Recently, financial giant Fidelity announced that it will offer employees the option to add Bitcoin to their 401(k) plans. Employees will thus have the opportunity to invest 20% of their assets in Bitcoin.
The Department of Labor has expressed “serious concern” regarding Fidelity’s offer.
Tuberville, on the other hand, rejects the claim that cryptocurrencies are too risky, claiming that Americans should be able to invest their pension funds wherever they want.
Massachusetts Senator Elizabeth Warren and Minnesota Senator Tina Smith took the opposite stance. In a joint letter to Fidelity CEO Abigail Johnson, the two senators accused the company of putting the savings of millions of Americans at risk. They also stressed that cryptocurrencies are a “speculative gamble.”
