September 29, 2022

US senator proposes to consolidate the right to accumulate bitcoins in retirement accounts

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US senator proposes to consolidate the right to accumulate bitcoins in retirement accounts

The document, which Tuberville called the Financial Freedom Act, is a response to the reaction of the US Department of Labor. Earlier, the agency expressed concern about the decision of Fidelity Investments to provide customers with the opportunity to integrate bitcoins into packages of savings retirement accounts.

According to him, the bill will prohibit the ministry from limiting investment types for 401(k) packages.

The Fidelity Investments initiative also worried Senators Elizabeth Warren and Tina Smith. In a letter to CEO Abigail Johnson, they pointed out a potential conflict of interest as the company has been working with crypto products since 2017.

The authors of the appeal mentioned that investments in digital assets carry “significant risks”.

Warren has previously criticized digital assets on numerous occasions. In September 2021, she called cryptocurrencies the “new shadow banks” that do not protect their users.

In April 2022, the legislator compared the digital asset market with the economic crisis of 2008.

Recall that in May, Senator Cynthia Lummis revealed the details of a bill to regulate cryptocurrencies in the United States. According to her, the document will allow the integration of the digital asset class into packages of 401(k) retirement savings accounts.

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