House Republicans introduced on May 21 a new measure that would prohibit the Department of Labor from restricting workers’ investment options in their self-directed retirement accounts. In addition, the law would allow US citizens to include Bitcoin in their 401(k) retirement plan if they so choose.
The so-called Financial Freedom Act was introduced by Republican Byron Donalds of Florida. The bill is a response to the hottest topic in the cryptocurrency political space, specifically the question of whether Fidelity Investments should be allowed to offer a retirement plan this year that would include Bitcoin.
“Today I introduced the Financial Freedom Act of 2022. This bill prohibits the Biden Department of Labor from restricting the type of investments independent investors can choose in a 401(k) retirement plan. Tommy Tuberville is defending this bill in the U.S. Senate.”
Fidelity announced last month that it intends to start offering Bitcoin as an investment option in its 401(k) retirement plans by the middle of this year.