United States Representative Byron Donalds has introduced legislation to the US House of Representatives aimed at adding Bitcoin to the 401(K) plans of all American households.
It’s a novel and bold move as the bill also gives a significant boost to the Financial Freedom Act of 2022, which also went into effect this month.
Donalds’ bill aims to ban the Department of Labor from banning crypto investments, primarily because 401(K) account investors should be given complete freedom to choose their investment types through a broker.
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Loyalty to allow bitcoin investments
Fidelity Investments recently announced that they now allow participants to allocate a portion of their investments to Bitcoin. It now serves 23,000 companies with 401(k) pension plans.
According to a recent announcement, Fidelity Investments is now allowing its clients to dedicate a portion of their wealth to Bitcoin (Glassdoor).
At this point, the Department of Labor has concerns about the Senate’s decision to open 401(k) retirement plans to risky investments like cryptocurrencies or digital assets. The DOL is concerned about this move by Fidelity Investments.
Full control over investments
Rep. Byron Donalds has expressed unease at the Biden administration’s push to centralize and monopolize power in Washington; They are now going out of their way to dictate the investments of the American people.
In addition, Rep. Donalds states, “This administration, like any other government agency, lacks the authority to direct the financial future of American investors.”
Rep. Donalds recently posted a tweet informing people that Senator Tommy Tuberville will speed up this legislation with the support of Tom Emmer, Congressman for Minnesota’s 6th Circuit.
To ignite further, Tom Emmer tweeted, “Proud to support @RepDonaldsPress and @SenTuberville Financial Freedom Act of 2022.”
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Davidson and Kim support Bill
Meanwhile, Congressman Young Kim, the US Representative for the 39th congressional district of California and the US Representative for the 6th congressional district of Arizona and Congressman Warren Davidson of the 8th district of Ohio announced their support via megaphone.
Both stated that the American people have worked for decades and invested wisely for their retirement. The Biden administration should not override investors’ right to see and decide what assets are worth their investments.
Give investors the “power”.
The legislation ensures that power rests in the hands of the investor and not the government. People have earned their paychecks and it is always within their willpower to invest in the types of vehicles they deem worthy. It’s always her call.
Adam Bergman of the IRA Financial Group recommends that the allocation to crypto should be in the range of 1% to 5% of your portfolio – 20% is overkill.
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Featured image from UltCoin365, chart from TradingView.com