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Republicans Plan to Reintroduce Legislation to Prevent Crypto Restrictions in 401(k): Politico

The legislation will be introduced in the House by Rep. Byron Donalds (R-Fla), the report said.

Updated Feb 15, 2023, 4:21 p.m. Published Feb 15, 2023, 1:35 p.m.

CORRECTION (Feb. 15, 16:05 UTC): Rewrites headline, first paragraph. An earlier version of this story said the legislation was aimed at restricting crypto.

U.S. Sen. Tommy Tuberville (R-Ala.) plans to reintroduce legislation on Wednesday that would stop the Labor Department from preventing employers and investment firms from offering crypto as part of 401(k) retirement plans, Politico reported.

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The legislation will be introduced in the House by Rep. Byron Donalds (R-Fla.), the report added.

U.S. lawmakers had asked investment giant Fidelity to reconsider its bitcoin-based 401(k) offering after the collapse of crypto exchange FTX.

Tuberville's office did not immediately respond to CoinDesk's request for comment.

US 401(k)Crypto Senate Fidelity

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.