United States Representative Byron Donalds has introduced a bill in the United States House of Representatives to incorporate Bitcoin into the 401(K) retirement plans of every American household.
It’s a new and bold move, as the bill also significantly strengthens the Financial Freedom Act of 2022, which was also implemented this month.
Donalds’ bill seeks to prohibit the Department of Labor from banning crypto investments, primarily because 401(K) account investors should have complete freedom to choose their investment types through a brokerage.
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Fidelity to authorize Bitcoin investments
Fidelity Investments recently announced that it now allows participants to allocate some of their investments to Bitcoin. It now provides 23,000 companies with 401(k) retirement plans.
According to a recent announcement, Fidelity Investments is now allowing customers to devote a portion of their assets to Bitcoin (Glassdoor).
At this point, the Labor Department has qualms about the Senate’s decision to open up 401(k) retirement plans to risk investments like cryptocurrencies or digital assets. The DOL is concerned about this decision by Fidelity Investments.
Full control over investments
Rep. Byron Donalds has expressed unease with the Biden administration’s drive to centralize and monopolize power in Washington; they are now doing everything possible to dictate the investments of the American people.
Further, says Rep. Donalds, “this administration, like any other government entity, does not have the power to direct the financial future of American investors.”
Rep. Donalds also recently posted a tweet letting people know that Senator Tommy Tuberville is set to fast-track this bill with the support of Minnesota’s Sixth District Congressman Tom Emmer.
To further ignite, Tom Emmer tweeted, “Proud to support @RepDonaldsPress and @SenTuberville Financial Freedom Act of 2022.”
BTC total market cap at $573 billion on the weekend chart | Source: TradingView.com
Davidson and Kim support Bill
Meanwhile, Rep. Young Kim, U.S. Representative for the 39and California’s Congressional District and United States Representative for Arizona’s Sixth Congressional District, and Congressman Warren Davidson of Ohio’s Eighth Congressional District both megaphoned in support of their bill.
Both said the American people have worked for decades and invested wisely for their retirement. The Biden government should not override the right of investors to discern and decide which assets are worth their investments.
Giving investors the “power”
The legislation ensures that the power is in the hands of the investor and not the government. People have well earned their paycheck and it is always in their will to invest in the types of vehicles they deem worthy. It is always their call.
Adam Bergman of the IRA Financial Group recommends that the allocation for crypto be in the range of 1% to 5% of their portfolio – 20% is overkill.
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Featured image from UltCoin365, chart from TradingView.com