U.S. Senator Tommy Tuberville has planned to launch – the Financial Freedom Act – a bill that allows Americans to invest their retirement funds in cryptos.
Speaking to Fox Business Live, he emphasized that America is the “country of Freedom.” He also slammed the previous administration under Joe Biden, calling that it “hammered American people with regulations.”
“Tomorrow, I am dropping a bill called Financial Freedoms Act and it allows families and individuals to invest their retirement funds in crypto.”
He also lauded the current administration under Trump, calling him the “Crypto President.”
“We want to help him with this,” he said, adding that this would be something good for everybody.
“But, the Biden administration, they didn’t want anything to do with crypto,” Sen. Tuberville noted. He said, the previous federal government “tried to control how Americans invest their money.”
Financial Freedom Act Bill Initially Introduced in 2022
The Republican Senator is planning to re-introduce the bill, which he first introduced in May 2022. The legislation calls to roll back any DOL guidance that limits the type of investments self-directed 401(k) account investors can select through a brokerage window.
“Meddling in 401(k) investments through overregulation restrains financial growth and restricts personal liberty,” Tuberville said at the time.
Further, US Senator and high-profile Bitcoin advocate, Cynthia Lummis, has also been arguing the case for cryptocurrencies to be included in retirement funds. In 2021, Sen. Lummis advised to “buy, hold, save Bitcoin for retirement.”
Crypto in 401(K) Retirement Plan
According to Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C., cryptos should be a part of a 401(k) plan. He told CNBC that cryptos are “a non-correlated alternative asset class.”
Johnson has recommended that cryptos range from 2% to 8% of an investor’s portfolio.
On the contrary, Amy Arnott, a chartered financial analyst and portfolio strategist with Morningstar Research Services, said that adding crypto to a 401(k) plan would “significantly increase the risk” in retirement. Investors “could suffer a large loss at the wrong time,” Arnott added.
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