Tuberville reintroduces crypto retirement bill with $1.5M backing

Senator Tommy Tuberville of Alabama plans to reintroduce the Financial Freedom Act, a bill that would allow Americans to include cryptocurrencies in their retirement savings plans.

The legislation, first proposed in 2022 and 2023, failed to advance in Congress both times but is now being revived as part of a broader effort to align with President Donald Trump’s pro-crypto agenda.

“Give people a chance to breathe for once [...] let them do what they do best [which] is invest their money,” emphasised Tuberville in a March 31 interview, highlighting the importance of financial independence.

The bill seeks to scale back Department of Labor (DOL) regulations that limit investment options in tax-advantaged accounts like 401(k)s and IRAs.

The Financial Freedom Act challenges the DOL’s guidance issued in 2022, which warned against exposing retirement accounts to crypto investments due to concerns over volatility and regulatory uncertainty.

Tuberville criticised these restrictions as government overreach, arguing that individuals should have the freedom to diversify their portfolios without interference.

“The Federal Government has no business interfering with the ability of American workers to invest their 401(k) plan savings as they see fit,” he stated.

The bill aligns with broader legislative efforts by Republican lawmakers to establish clearer market structure rules for cryptocurrencies and stablecoins.

Proponents aim to pass these measures before the August congressional recess, anticipating potential political hurdles afterward.

Tuberville’s initiative has garnered support from crypto industry-backed political action committees (PACs), including Defend American Jobs PAC, which has spent $1.5 million promoting pro-crypto candidates like Jimmy Patronis and Randy Fine in Florida’s congressional races.

While Wyoming Senator Cynthia Lummis co-sponsored the 2023 version of the bill, her current stance remains unclear.

Lummis previously expressed comfort with including Bitcoin (CRYPTO:BTC) in retirement plans, highlighting its potential for long-term growth.