The Republican lawmaker believes the government should not limit the type of assets that people can select for their retirement plans.
In an op-ed for CNBC on May 5, Tuberville wrote that:
“The federal government has no business interfering with the ability of American workers to invest their 401(k) plan savings as they see fit.”
In March, the U.S. Department of Labor released regulatory guidance in an attempt to prohibit 401(k) accounts from investing in crypto assets, singling out that specific asset class. A 401(k) is an employer-sponsored defined-contribution pension plan.
Previously, pension plan participants could use “brokerage windows,” a tool used by savers to self-select their retirement investments. “The agency’s new guidance ends this tradition of economic empowerment in favor of big-brother government control,” added Tuberville.
The Senator strongly believes that Americans should be able to invest their retirement savings as they choose. The Financial Freedom Act will enable them to do exactly that if it passes Congress, where there is a lot of resistance to the crypto industry.
The bill would prohibit the Labor Department from limiting the type of investments U.S. citizens can have in their retirement accounts. He reiterated:
“Whether or not you believe in the long-term economic prospects of cryptocurrency, the choice of what you invest your retirement savings in should be yours — not that of the government.”
Senators such as Tuberville and Cynthia Lummis are battling to make crypto assets more accessible to Americans and stem the tide of heavy-handed regulation that the incumbent political stalwarts seem intent to impose.
In a related development, crypto’s most vehement critic, Senator Elizabeth Warren, has been on the warpath yet again. This time, the Massachusetts policymaker has taken aim at investment giant Fidelity over its plans to include crypto as part of retirement packages.
In April, the country’s largest 401(k) pension provider announced that it will include Bitcoin on its platform. Warren has taken umbrage at this, claiming that “Bitcoin’s volatility is compounded by its susceptibility to the whims of just a handful of influencers.”
She sent a letter to Fidelity’s CEO this week, along with Senator Tina Smith of Minnesota, asking what measures the company is taking to combat this volatility. It is not the first time Warren has attempted to quash the sector with legislation.
As Tuberville pointed out, however, it should be the individual’s choice, not that of a handful of senior politicians that are hell-bent on crushing the industry in its entirety.
Featured Image Courtesy of CNN