Tuberville to Introduce Third Attempt at Financial Freedom Act
Alabama Sen. Tommy Tuberville affirmed in a March 31 Fox News interview that he will again be a champion of the Financial Freedom Act, legislation which would allow Americans to include cryptocurrencies in their retirement investment portfolios.
Tuberville launched the bill in 2022 and 2023, but both attempts died in committee. He said the bill is standing up against Americans’ right to choose how they invest and is consistent with former President Donald Trump’s crypto-friendly image.
“Give people a chance to breathe for once [.] let them do what they do best [which] is invest their money,” Tuberville stated.
Bill Targets 401(k) Investment Restrictions
First introduced in May 2022, the bill stands against Department of Labor regulations covering retirement investments in order to facilitate easier access to crypto assets like Bitcoin in 401(k) plans. While Tuberville publicly announced plans to introduce the bill on April 1, no congressional action had been received as of press time.
Wyoming Sen. Cynthia Lummis, a former cosponsor, has not yet agreed to take part this time around. She expressed support in 2022 for Bitcoin inclusion in retirement portfolios.
Crypto Regulation High on GOP Agenda
Tuberville’s move is part of broader Republican attempts in Congress to advance crypto legislation in the 119th session, such as market structure and stablecoin frameworks. Supporters are attempting to get priority bills through before the August recess to avoid heightened political stress during the election cycle.
Crypto Industry Backs GOP Candidates in Florida
On April 1, voters in Florida will decide congressional districts in the 1st and 6th districts, where crypto-friendly Republicans Jimmy Patronis and Randy Fine are being supported by ad campaigns backed by the Defend American Jobs PAC. The group has been reported to have spent $1.5 million endorsing both the candidates.
