United States Rep. Byron Donalds has initiated a bill to the U.S. House of Representatives seeking to incorporate Bitcoin into every American home’s 401(K) retirement plans.
It’s a novel and bold move as the bill also significantly boosts the Financial Freedom Act of 2022, which was also set in motion this month.
The bill by Donalds seeks to disallow the Department of Labor from barring crypto investments, mainly because account investors of the 401(K) should be given complete freedom to choose their investment types through a brokerage.
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Fidelity Investments has recently announced that they are now allowing participants to allocate some of their investments to Bitcoin. It now provisions 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 with the decision of the senate to open up 401(k) retirement plans to risk investments like cryptocurrencies or digital assets. The DOL is worried about this move from Fidelity Investments.
Rep. Byron Donalds has expressed uneasiness with the Biden administration’s thrust to centralize and monopolize the power in Washington; they are now going out of their way to dictating the investments of the American people.
Further, Rep. Donalds states, “this administration, as well as any other government entity, lacks the authority to direct the financial future of America’s investors.”
Rep. Donalds has also recently posted a tweet informing people that Senator Tommy Tuberville is set to quicken this bill with the support of Tom Emmer, Congressman for the sixth district of Minnesota.
To ignite further, 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
Meanwhile, Representative Young Kim, U.S Representative for the 39th Congressional District of California and U.S. Representative for the Sixth Congressional District of Arizona, and Congressman Warren Davidson from the eighth district of Ohio have both megaphoned their bill’s support.
Both stated that the American people have worked for decades and invested wisely for their retirement. The Biden government should not override the right of the investors to discern and decide what assets are worth their investments.
The legislation ensures that the power is in the investor’s hands and not the government. People have earned their paycheck, and it is always in their willpower to invest in the vehicle types they deem worthy. It’s always their call.
IRA Financial Group’s Adam Bergman recommends that the allocation for crypto should be at a range of 1% to 5% of their portfolio – 20% is an overkill.
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Featured image from UltCoin365, chart from TradingView.com
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