In a Feb. 15 announcement, Tuberville said the Financial Freedom Act aimed to reverse policy from the Department of Labor directing what type of investments were allowed in 401(k) plans, including crypto

Alabama Senator Tommy Tuberville has reintroduced legislation focussing on permitting US 401(k) retirement plans to incorporate exposure to crypto currencies.

In an announcement on February 15, Tuberville said the Financial Freedom Act focussed on reversing policy from the Department of Labor directing what type of investments were permitted in 401(k) plans, including crypto. As per the senator, the bill would forbid the Department of Labor from pursuing enforcement actions for individuals ‘using brokerage windows to invest in crypto currency.’

The federal government should not pick winners and losers in the investment game, according to Tuberville.

According to Tuberville, Senators Cynthia Lummis, Rick Scott and Mike Braun had signed on as cosponsors of the bill. Lummis said in December 2022 that she was ‘very comfortable’ with having U.S. investors include Bitcoin in their retirement accounts.

As reported by Politico on February 14, Florida Representative Byron Donalds planned to introduce an equivalent bill in the House of Representatives on February 17. Donalds and Tuberville, both Republican Party members, could face opposition from across the aisle — Democratic Senator Elizabeth Warren has earlier expressed worries about Fidelity Investments’ plans to include BTC in 401(k) accounts.

The Department of Labor notice from March 2022 warned 401(k) account holders to ‘exercise extreme care’ when dealing with crypto currency investments, citing the risk of fraud, theft and loss of funds. The U.S. SEC’s OIEA, the North American SAA, and the FIRA also issued a notice on February 7, cautioning that self-directed individual retirement accounts may include crypto currencies as possibly unsafe investments.