Yugocean
Valued Contributor
A conflict of interest between the US Department of Labor (DOL) and bitcoin proponents has now reached the US Congress.
Senator Tommy Tuberville of Alabama and Congressman Byron Donalds of District 19 in Southwest Florida have introduced a bill to protect cryptocurrencies as investment possibilities for 401(k) retirement plans in the United States.
Reason
The Department of Labor is aiming to prohibit 401(k) investors from investing in cryptocurrencies, and employers and investment firms who do so may face DOL inquiry and enforcement action. The DOL issued a warning in March about the same.
BILL's need
By empowering retirement savers to invest as they see appropriate and ensuring that plan sponsors and financial firms are not troubled for allowing investors to exercise financial freedom, the newly introduced Bill protects financial institutions and employers from legal action.
Conclusion
The bill is described as Financial Freedom Act (FFA) of 2022, it is named by the fact that it protects people's investment choices from any imposed restrictions.
Senator Tommy Tuberville of Alabama and Congressman Byron Donalds of District 19 in Southwest Florida have introduced a bill to protect cryptocurrencies as investment possibilities for 401(k) retirement plans in the United States.
Reason
The Department of Labor is aiming to prohibit 401(k) investors from investing in cryptocurrencies, and employers and investment firms who do so may face DOL inquiry and enforcement action. The DOL issued a warning in March about the same.
BILL's need
By empowering retirement savers to invest as they see appropriate and ensuring that plan sponsors and financial firms are not troubled for allowing investors to exercise financial freedom, the newly introduced Bill protects financial institutions and employers from legal action.
Conclusion
The bill is described as Financial Freedom Act (FFA) of 2022, it is named by the fact that it protects people's investment choices from any imposed restrictions.
