Finally, another legal support came from Rep. Byron Donalds to include crypto in the 401(K) service.
In late April of this year, Fidelity investments proposed its plan to introduce Bitcoin and some other leading crypto assets in the retirement savings account funds. In the very starting, Microstrategy, a business intelligence firm, supported this initiative of Fidelity but many other companies and organizations rejected this proposal because of high volatility issues.
On 20 May, Rep. Byron Donalds (R-FL) introduced his bill in support of the consideration of Bitcoin-like assets in the 401(K) retirement saving account and also to allow American citizens to choose bitcoin.
This bill was introduced under the Senate’s Financial Freedom Act of 2022. Earlier this 5 May, Sen. Tommy Tuberville introduced a similar kind of bill.
So now, a total of two bills have been proposed in response to the issued regulatory guidance by the U.S. Department of Labor.
The US labour department criticized the proposal of Bitcoin consideration in 401(K). So the introduction of these two bills will play an important role.
In a comment, Byron Donalds said that the US Labour Department commented on this bill and said that “far-reaching and sweeping endeavor to centralize power in Washington” and also said that guidance will “infringes on the founding principles of economic liberty and free markets.”
Donalds stated that the introduced bill received full support from many members of the House of Representatives. Main Republican Senators who supported the bill, are Warren Davidson (R-OH), Young Kim (R-CA), David Schweikert (R-AZ), and Tom Emmer (R-MN).
Initially, Fidelity Investments stated that the proposal to include crypto assets in 401(K) was basically based on the demands of their customers but here it is still unconfirmed the numbers of companies, which are looking to get Bitcoin in 401(k).