Alabama Senator Tommy Tuberville is preparing to reintroduce a bill that would allow Americans to invest in cryptocurrencies through their 401(k) retirement plans. The legislation, known as the Financial Freedom Act, was first proposed in May 2022 but failed to pass in both 2022 and 2023.
In a March 31 interview with Fox News, Tuberville announced plans to bring the bill back on April 1, although no official action has been taken by Congress yet. He positioned the bill as part of his support for Donald Trump’s role as a “crypto president” and emphasized the need for Americans to have more control over their investments.
The Financial Freedom Act seeks to reduce the regulatory oversight of the Department of Labor, which currently limits the types of investments allowed in 401(k) plans. If passed, the bill would enable individuals to invest in cryptocurrencies within their retirement accounts without government interference.
Wyoming Senator Cynthia Lummis, who backed the bill in 2023, has not yet indicated whether she will offer her support again. In a 2022 interview, she expressed strong approval of allowing Bitcoin in retirement accounts, stating she felt “very comfortable” with the idea.
The proposal comes as Republican lawmakers are working on broader legislation to establish regulatory frameworks for the cryptocurrency market and stablecoins. Proponents of the Financial Freedom Act are hoping to pass the bill and have it sent to Trump for approval before the August recess, fearing it could become politically contentious if delayed.
As Florida voters head to the polls on April 1 to select representatives for the state’s 1st and 6th congressional districts, crypto industry backers are showing strong support for Republican candidates Jimmy Patronis and Randy Fine. The Defend American Jobs PAC has spent $1.5 million on media support for the two candidates.
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