Senator Tommy Tuberville to Propose Bill Allowing 401k Investment in Bitcoin and Crypto
April 1, 2025
Another pro-crypto bill will be considered in Congress, with Senator Tommy Tuberville re-introducing the Financial Freedom Act.
Bitcoin and cryptocurrency have been a trending topic not just among US residents but also in Congress. The lawmakers have a decision to make after Senator Cynthia Lummis reintroduced the Bitcoin Act bill, proposing that the United States acquire 1 million BTC.
Meanwhile, the latest development indicates that Alabama Senator Tommy Tuberville will introduce another pro-crypto bill today. In an interview with FOX Business on March 31, he revealed that he would submit the Financial Freedom Act on April 1, looking to give Americans more liberty in their investment choice.
Bill Proposes Bitcoin’s Inclusion in Retirement Funds
Tuberville was quick to slam the Joe Biden administration for hampering clear digital asset regulations in the United States. Notably, industry leaders have suggested that the former US president implemented all possible measures to discourage the growth and adoption of Bitcoin in America.
Meanwhile, Donald Trump has sought to change the narrative with his many pro-crypto proposals and executive orders. Trump termed himself the “crypto president,” pledging to make America the “undisputed Bitcoin superpower.”
To support the president’s newfound course, Tuberville revealed he would re-introduce the Financial Freedom Act. The Alabama senator noted that the bill seeks to allow Americans to invest their retirement funds in cryptocurrency.
Notably, the proposal looks to contend with the Department of Labor’s prohibition on the range of investments that 401(k) funds invest in, specifically regarding cryptocurrencies. Tuberville initially introduced the bill in the Senate in 2022 but has seen little support amid a hostile regulatory environment in the US.
While many consider cryptocurrencies too risky for retirement funds, the assets’ long-term statistics may prove otherwise. For context, Bitcoin has outperformed most traditional financial assets in the last decade, appreciating 120% in 2024. However, it is true that some crypto assets have not fared as well.
Lummis Turns on the Heat on Congress Over Bitcoin Acquisition
Meanwhile, Lummis has continued to pressure Congress to sign off on the Bitcoin Act bill, seeking to acquire more Bitcoin as a US reserve asset. In a recent tweet, she again nudged the lawmakers to pass the bill and proceed with acquisition as soon as possible.
Reasons to pass the BITCOIN Act and buy, baby, buy:
- The Bitcoin Act will help America get our debt under control;
- Only one nation will have the juice to own enough Bitcoin to underpin its currency as the world’s reserve $.
The clock and next block are ticking: Let’s Go! https://t.co/9JxaTLbGeL
— Cynthia Lummis (@CynthiaMLummis) March 31, 2025
She outlined some reasons why the US should hold Bitcoin, including the possibility that it could pay its debts with the premier asset. Furthermore, the Republican senator emphasized that a Bitcoin reserve would ensure the US dollar maintains its place as the world reserve currency.
Notably, the comment comes on the heels of a recent warning from BlackRock’s CEO, Larry Fink, that the US dollar is at risk of losing its status as the world’s reserve currency to Bitcoin.
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