Senator wants crypto option, good luck

As Bitcoin starts inching back up, I’m in the black again and expect more clamor for crypto options in 401(k) plans.

Senator Tommy Tuberville, R-Alabama, reintroduced legislation to create a law, the Financial Freedom Act which calls to roll back any Department of Labor (DOL) guidance that limits the type of investments self-directed 401(k) account investors can select through a brokerage window.

Tuberville’s bill is trying to reverse 2022 guidance in which the DOL warned that fiduciaries could be liable if offering cryptocurrency through a participant-directed option.

With a Democrat-controlled Senate with no Democrats co-sponsoring the bill and a Democrat-controlled White House, I expect this to go nowhere.

This entry was posted in Retirement Plans. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *