US Representative Byron Donalds has launched a bill to the US House of Representatives that seeks to incorporate bitcoin into the 401(K) retirement plans of every American home.
It’s a bold new step as the bill significantly enhances the Financial Freedom Act of 2022, which was also launched this month.
Donalds’ bill seeks not to allow the Department of Labor to block crypto investments, mainly because 401(K) account investors should be given complete freedom to choose their types of investments through brokerage.
Suggest reading | Bitcoin Pizza Day: Celebrating a $300 million pizza order — and other fun facts
Fidelity to Allow Bitcoin Investments
Fidelity Investments recently announced that it is now allowing participants to allocate some of their investments in 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 Department of Labor is concerned about the Senate’s decision to open up 401(k) retirement plans to risk investments such as cryptocurrencies or digital assets. The Department of Labor is concerned about the move by Fidelity Investments.
Full control over the investments
Representative Byron Donalds expressed his dissatisfaction with the Biden administration’s centralization and monopoly of power in Washington. Now they go out of their way to dictate the investments of the American people.
Moreover, Rep. Donalds says, “This administration, like any other government entity, lacks the authority to direct the financial future of America’s investors.”
Representative Donalds also recently posted a tweet telling people that Senator Tommy Tuberville is willing to speed up this bill with the support of Tom Emyr, Congressman from Minnesota’s Sixth District.
To further ignite, Tom Emer 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, Representative Yong Kim said the US representative for 39y California’s congressional district and the US representative for Arizona’s sixth congressional district, and Congressman Warren Davidson of Ohio’s 8th district, have both voiced their support for the bill.
Both stated that the American people have worked for decades and invested wisely for their retirement. The Biden government should not override investors’ right to discern which assets are worth their investment.
Giving Investors Power
Legislation ensures that power rests with the investor, not the government. People have been paid, and it is always willing to invest in the kinds of vehicles they deem worth it. It’s always their call.
Adam Bergman of IRA Financial Group recommends allocating cryptocurrencies in the range of 1% to 5% of their portfolio – 20% is considered overkill.
Suggest reading | A16z Offers $600 Million Dedicated Fund for Games, Web3 and Metaverse
Featured image from UltCoin365, chart from TradingView.com
“Beer aficionado. Gamer. Alcohol fanatic. Evil food trailblazer. Avid bacon maven.”