On Saturday, May 21, Republicans in the House of Representatives introduced a new measure that would prohibit the Labor Department from limiting the investment alternatives available to workers in self-directed retirement accounts. Additionally, the law would allow Americans to include bitcoin in their 401(k) plans if they choose.
Republicans come to the defense of Fidelity
Last month, Fidelity announced that it has the intention to include bitcoin (BTC) among the investment options available to people who opt for the 401(K) plan. This announcement sparked a great concern among the ranks of Democratic lawmakers. Senator Elizabeth Warren even said it was a “risky and speculative bet”.
The position of the senator is not accepted by several other politicians, in particular those of the Republican party. They came to the defense of Fidelity, while accusing the Democrats of engaging in excessive government activity and violate free market rights Americans.
Republican lawmakers said the new measure is not just about cryptocurrencies, but also the freedom of investors to choose the options in which they wish to invest money. Yet, they point out, freedom is one of the fundamental principles of the United States.
The administration should not decide the future of investors
In a public statement, Donalds said: “In a sweeping, sweeping effort to centralize power in Washington, the Biden administration is now trying to dictate how the American people invest his hard-earned money. He also added: “This administration, like any other government entity, lacks the authority to direct the financial future of American investors.”
Currently, the United States Department of Labor has advised against investing in bitcoin (BTC). He argues that companies that invest in digital assets like BTC could come under scrutiny. The DOL Employee Benefits Security Administration said investors in the trust assets “must exercise extreme caution” before incorporating cryptocurrencies into their investment program.
Investing in bitcoin (BTC) and other cryptocurrencies is causing a wave of controversy in the United States. The authorities believe that investing in digital assets should not be included among people’s options under any circumstances. However, this position is not accepted by part of the legislative body, in particular the Republican deputies.
Source : finbold
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