- Sen. Tuberville refiles Financial Freedom Act for crypto in retirement accounts
- California amends AB 1052 bill to protect crypto payments & consumers
- Sen. Lummis continues push for Bitcoin Act creating US strategic BTC reserve
U.S. Senator Tommy Tuberville (R-AL) has reintroduced the Financial Freedom Act. This proposed legislation aims to allow Americans to invest a portion of their retirement funds in cryptocurrency assets.
Tuberville framed the move as countering past Biden administration policies he believes interfere unnecessarily with personal financial freedom, particularly regarding digital asset investments.
Why Did Tuberville Reintroduce the Financial Freedom Act?
Discussing the bill during a Fox Business segment contextually, Tuberville condemned what he views as federal limits on investment choices. He pointed to the earlier Biden administration’s resistance to crypto investments within retirement accounts.
Highlighting President Donald Trump’s reputation among some as potentially “the Crypto President,” Tuberville renewed the Act to broaden retirement account access to crypto.
This aligns with other Trump administration signals or related ventures that has been favorable to crypto. Tuberville first introduced a version of this bill back in 2022 to specifically challenge U.S. Department of Labor (DOL) guidance issued that year, which sought to restrict crypto investments within self-directed 401(k) plans.
His current push also fits his broader legislative focus on reducing government oversight in various sectors.
Related: The Trend Continues: South Carolina Joins States Exploring Bitcoin Reserves
How is California Protecting Crypto Use at the State Level?
While Tuberville targets federal rules, California takes steps toward enhancing digital asset protections at the state level.
State Assembly Bill 1052, initially introduced as an update to the Money Transmission Act, was amended on March 28 to focus more specifically on cryptocurrency use and consumer safety within California.
The bill now includes provisions aimed at protecting the use of digital assets as valid payment methods in private transactions within the state. It seeks to shield cryptocurrency users from potentially unnecessary state-level restrictions or specifically targeted taxes on crypto use.
According to its sponsor, Assemblymember Avelino Valencia, the bill also strengthens consumer protection measures related to the digital asset space. Valencia stated these amendments are necessary to support the crypto sector’s rapid growth and ensure user safety.
Why Does Senator Lummis Advocate a US Bitcoin Reserve?
At the federal level again, U.S. Senator Cynthia Lummis (R-WY) continues to work toward establishing a strategic Bitcoin reserve. Her proposed Bitcoin Act aims to strengthen America’s long-term financial position by tasking the government to acquire and hold significant Bitcoin reserves over time.
Senator Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, has been vocal about the possible benefits of a U.S. Bitcoin reserve. The reserve could help reduce the nation’s debt burden and solidify the U.S. dollar’s global standing as the world’s reserve currency.
In a recent social media post discussing the topic, Lummis emphasized the Bitcoin Act’s potential importance. She argued that controlling a strategic Bitcoin reserve would provide the U.S. with a powerful financial tool, especially as rising national debt threatens the country’s long-term economic stability.
Related: Institutional Crypto Investment Set to Rise, Survey Finds
She also noted Bitcoin could become an increasingly significant strategic asset, particularly given growing global concerns about the long-term sustainability and purchasing power of traditional fiat currencies, including the U.S. dollar itself.
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