A member of the US House of Representatives has introduced a bill to allow Bitcoin (BTC) to be included in an article with code 401(k) and retirement plans. Here are the details…
Bitcoin’s proposition promotes financial freedom
On Friday, May 20, Republican Representative Byron Donalds announced that Americans’ Bitcoin and many other financial assets 401(k) introduced a bill that would allow them to include it in their retirement plans. The bill is seen as the parliamentary version of the Senate’s Fiscal Freedom Act of 2022. The original bill had the same language and was introduced on May 5 by Senator Tommy Tuberville. Both laws were introduced in response to regulatory guidance issued by the U.S. Department of Labor in March. This guide advises investment firms not to allow crypto in a 401(k).
Donalds described the Department of Labor’s comments as “a far-reaching and comprehensive effort to centralize power in Washington,” and the guide’s “economic economic violates the founding principles of freedom and free markets”. Donalds said his bill has received support from several House members, including House of Representatives Warren Davidson, Young Kim, David Schweikert and Tom Emmer. The crypto industry has also expressed its support for the Financial Freedom Act.
Fidelity’s retirement plan may be affected
A firm that announced the success or failure of the Financial Freedom Act earlier this year plans to offer Bitcoin in 401(k) retirement plans despite challenges It has implications for Fidelity Investments, which is As we reported on Kriptokoin.com , on April 15, Fidelity appealed to the Department of Labor on the 401(k). Regardless of these issues, Fidelity has moved forward with its plans and announced the Digital Assets Account on April 26.
Members of the democratic government retaliated against this announcement. Elizabeth Warren and Tina Smith wrote a letter to Fidelity on May 4, warning of “significant risks of fraud, theft and loss” that may arise from the option. It is unclear if other major investment management firms are actively trying to offer Bitcoin retirement options.
