House Bill Aims to Protect Bitcoin Retirement Accounts From Federal Ban

A group of Republicans in Congress filed a bill today to “guard” investors’ rights to add Bitcoin to 401(k) retirement plans in the aftermath of last week’s crypto meltdown, which grabbed the attention of regulators and government authorities. Rep. Byron Donalds (R-FL) filed the measure, which is the House companion to the Financial Freedom Act of 2022, with co-sponsors Warren Davidson (R-OH), Young Kim (R-CA), David Schweikert (R-AZ), and Tom Emmer (R-MI) (R-MN). The law, if passed, would ban the US Labor Department from limiting the types of investments that 401(k) account holders can choose from, including Bitcoin, which Fidelity hopes to make available later this year. According to a news release, the law was prepared in response to the Employee Benefits Security Administration’s regulatory recommendations issued on May 10, which say that crypto should not be included in 401(k) plans. According to a press release, Donald’s bill attempts to “defend American investors” against what he and his co-sponsors see as a “gross example of government overreach.” Today, I introduced the House companion of the Financial Freedom Act of 2022. This bill prohibits Biden's @USDOL from restricting the type of investments that self-directed 401(k) account investors can choose. The great @SenTuberville is championing this bill in the U.S. Senate. pic.twitter.com/c5zOJUEzCN — Congressman Byron Donalds (@RepDonaldsPress) May 20, 2022 Fidelity wa...