On the 21st of May, Republicans in the U.S. House of Rep released a new bill that would restrict the Department of Labor from curtailing the investment options that are available to employees in retirement accounts. In addition, the bill would make it possible for citizens of the United States to incorporate BTC in the 401(k) plan if they want.
Byron Donalds, a Republican from Florida, has released a bill supporting the Financial Freedom Act. This bill is in response to a recent political standoff, which took place last month. The Democrats were against the notion by Fidelity Investment to include Bitcoin as part of its retirement plan for retirees. However, the Republicans supported the initiative as they cited that Americans have the right to choose what they want to do with their money without interference from the government or any authority.
Democrats And Republicans Clash Over Crypto
In April, Fidelity Investment company announced that it has plans to include digital currencies as an investment option in the 401(k) project before the end of 2022. Concerned that the corporation may be putting its customers in danger by engaging in “risky and unpredictable gambling,” several Democratic politicians, notably Senator Elizabeth Warren, raised their voices in response to this development.
The Republican Party Comes To The Rescue Of Fidelity Investments
However, Republicans have accused Democrats of acting on behalf of the government and undermining the free rights of Americans. They highlighted that the proposal is not just about crypto but also concerns the autonomy of financial institutions and investors.
On his Twitter page, Donalds stated that:
“In an ambitious and far-reaching effort to consolidate authority in Washington, the administration of President Joe Biden is now seeking to prescribe how the citizens of the United States should spend their hard-earned money,”
He added:
“This administration, in addition to any other political institution, does not have the right to guide the financial destiny of America’s investment.”
Fidelity’s proposal came following the Labor Department’s recommendation that such a move should be avoided and its statement that businesses that deal in crypto assets such as Bitcoin may be subject to investigation. Before adopting cryptocurrency investments, the Employee Benefits Security Administration of the Department of Labor advised that fiduciaries “must take extraordinary caution.”
