Alabama Senator Tommy Tuberville will submit legislation on Wednesday that seeks to prevent the Department of Labor (DOL) from limiting businesses and financial firms from including cryptocurrencies as part of 401(k) retirement plans.
Florida Senator Byron Donalds is the sponsor of the bill in the House.
Both Tuberville and Donalds are Republicans.
Also Read: FTX Co-Founder Sam Bankman-Fried Barred From Using VPNs While Out On Bail
The move is a reaction to the DOL, which has threatened to investigate retirement plan administrators if they invested employees' money in digital assets.
"The federal government shouldn’t choose winners and losers in the investment game,” Tuberville said, according to Politico.
The downward spiral, bankruptcy, and ongoing investigation of FTX — previously one of the world's biggest cryptocurrency exchanges — is what prompted the DOL to scrutinize the act of putting retirement funds into cryptocurrencies in the first place.
Next: Blur NFT Marketplace To Close Funding Round At Unicorn Valuation
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!