On May 21st, Republicans in the House of Representatives introduced a new bill that would prohibit the Labor Department from limiting the investment alternatives accessible to workers in their retirement accounts. The bill would also enable Americans to include Bitcoin in their 401k plans.
Republican Bryon Donalds of Florida introduced the Financial Freedom Act. Last month, the investment company Fidelity Investments made the announcement that it intended to offer bitcoin as an investment option in it’s 401k plans this year.
This raised alarm to many democratic lawmakers who express their concern that the company may be exposing it’s clients to a “risky and speculative gamble”
Donalds says in a statement, “ This administration, as well as any other government entity, lacks the authority to direct the financial future of America’s investors. In a far reaching and sweeping endeavor to centralize power in Washington, the Biden administration is now attempting to dictate how the American People invest their hard earned money”
Republicans are accusing the Biden administration of engaging in excessive government activity and violating the free market rights of Americans.
Therefore, this bill is not only about cryptocurrency, but is also about the independent future of the investors and financial institutions.
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