The regulations surrounding cryptocurrency continue to be a significant political flashpoint. On Friday, a group of U.S. house republicans so the need to get ahead of the investment restrictions that the Labor Department has been dashing out.
Republicans introduced a bill to protect Bitcoin and other cryptocurrencies in self-directed retirement accounts and Americans’ 401(k) plans. Simply put, the want to block any attempts by the Department of Labor to restrict access to Bitcoin in the 401(k) plans.
Fidelity Investment Announcement Fuels Bitcoin in 401(k) Discussion Plans
Rep. Byron Donalds (R-FL), with the support of Rep. Warren Davidson (R-OH), Young Kim (R-CA), David Schweikert (R-AZ), and Tom Emmer (R-MN), introduced the bill. The representatives named the Bitcoin protection bill the House companion of the Financial Freedom Act of 2022.
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The Department of Labor seemed to be against this move. The acting assistant secretary of the Employee Benefits Security Administration (EBSA) expressed to Wall Street Journal that the department had grave concerns with what Fidelity had done.
Biden Administration Dictating How Americans Invest?
Democratic lawmakers, including Senator Elizabeth Warren, were also against Fidelity’s announcement claiming it would be exposing investors to a “risky and speculative gamble.” The possibility of democrats not winning must have fueled pro-Bitcoin Republicans to think of ways to protect the freedom of crypto investors.
Republicans clapped back at the Democrats, stating that they were overreaching and infringing Americans’ free-market rights.
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While introducing the bitcoin protection bill, Rep. Donalds stated that the Biden administration attempted to dictate how the American people invested their hard-earned money.
He added that neither the administration nor any other government entity had the authority to direct the financial future of America’s investors.
