{"id":4021,"date":"2022-05-10T02:59:16","date_gmt":"2022-05-10T02:59:16","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=4021"},"modified":"2022-05-10T02:59:17","modified_gmt":"2022-05-10T02:59:17","slug":"us-senator-introduces-bill-prohibiting-labor-department-from-interfering-with-crypto-in-retirement-accounts","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4021","title":{"rendered":"US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>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. \u201cToday, the Biden administration is targeting cryptocurrency. Which investment class is next?\u201d the lawmaker stressed.<\/strong><\/p>\n<h2>Financial Freedom Act<\/h2>\n<p>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.<\/p>\n<p>Responding to the Labor Department\u2019s crypto warning, U.S. Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act Thursday. The lawmaker described the bill as \u201clegislation 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.\u201d<\/p>\n<p>Senator Tuberville explained, \u201cFolks work for decades, live within their means, and invest wisely so they can retire comfortably,\u201d elaborating:<\/p>\n<p>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.<\/p>\n<p>\u201cThis 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,\u201d he emphasized. \u201cWhen you\u2019ve earned your paycheck, how you invest your money should be your decision. My legislation makes sure that is the case.\u201d<\/p>\n<p>Following the introduction of his bill, CNBC published an opinion piece authored by the senator. \u201cToday, the Biden administration is targeting cryptocurrency. Which investment class is next?\u201d he wrote, adding:<\/p>\n<p>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 \u2014 not that of the government.<\/p>\n<p>Fidelity Investments, a major 401(k) plan administrator, also ignored the warning by the Labor Department. Shortly after the department\u2019s warning, the company announced its plan to offer bitcoin investments in 401(k) accounts.<\/p>\n<p>The financial services firm\u2019s 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\u2019s crypto warning.<\/p>\n<p><em><strong>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.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/us-senator-introduces-bill-prohibiting-labor-department-from-interfering-with-crypto-in-retirement-accounts\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. \u201cToday, the Biden administration is targeting cryptocurrency. Which investment class is next?\u201d the lawmaker stressed. Financial Freedom Act The issue of what [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-4021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4021"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4021\/revisions"}],"predecessor-version":[{"id":4023,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4021\/revisions\/4023"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4022"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}