US Senator Tommy Tuberville stood up for investors who want to invest their retirement savings in digital assets. He introduced a new bill called the Financial Freedom Act.
Tommy Tuberville proposed prohibit the U.S. Department of Labor from issuing regulations or guidelines that limit the type of investment that self-employed investors may choose through 401(k) retirement plan brokerage. According to Tuberville, people have been working for decades and have the right to choose the investment that is comfortable for them in order to have a comfortable retirement.
Recall that in March, the US Department of Labor urged employers to be more careful when adding cryptocurrencies to the investment menu of a retirement savings plan. According to officials, cryptocurrencies are now at an early stage of development and any investment in them may result in a loss of funds.
“Now the Biden administration has taken it upon itself to dictate to the citizens of the United States which assets are best for them and worthy of their retirement investments. In essence, by issuing their regulatory guidance aimed at cryptocurrencies, they are taking away the right of choice from individual investors, ”Tuberville said.
He added that this case is an example of exceeding the powers of the government. Citizens have earned their money and have the right to choose where to invest it. In his article on CNBC, the senator said that whether anyone believes in the long-term economic prospects of cryptocurrencies or not, the choice of where to invest their savings should remain with the owner of the capital, and not with the government.
Earlier, the US Department of Labor expressed concerns about the initiative of the American holding company Fidelity to include cryptocurrencies in the retirement accounts of the company’s clients.
Source: Bits
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