US lawmakers to reintroduce cryptocurrency retirement bill to support Trump agenda

Senator Tommy Tuberville introduced the Financial Freedoms Act in 2022 and 2023, but both times it failed to make it out of committee.

Alabama Senator Tommy Tuberville plans to reintroduce a bill aimed at allowing Americans to include cryptocurrencies in their retirement savings plans.

In an interview with Fox News on March 31, Tuberville said he plans to reintroduce legislation called the Financial Freedoms Act. The bill previously tried to pass Congress twice, in 2022 and 2023, but both times failed. In announcing the bill, the Alabama senator said he hopes to support U.S. President Trump's role as the "crypto president" in the public eye.

"Give people a chance to breathe [...] Let them do what they do best, which is invest their own money," Tuberville said.

The Financial Freedoms Act was originally introduced by Tuberville in the U.S. Senate in May 2022 and aims to cut the U.S. Department of Labor's regulation of the types of investments made by 401(k) retirement plan fiduciaries. However, while Tuberville said he would reintroduce the bill on April 1, congressional records show no progress as of this posting.

Wyoming Senator Cynthia Lummis was a co-sponsor of the 2023 bill, but as of this posting it is unclear whether she will support it again. In a 2022 interview, the Republican senator said she was “very supportive of making sure people can put Bitcoin (BTC) in their retirement funds.”

Cryptocurrency Legislation in the 119th Congress

The Crypto Retirement Act comes as members of the Republican-controlled Congress are considering legislation on market structure rules for the crypto industry and stablecoin regulation. Bill supporters are suggesting that lawmakers send the bills to President Trump to sign into law before the August recess, otherwise the topics could become more politicized.

Additionally, Florida voters will decide on April 1 who will represent the state’s 1st and 6th congressional districts in the House of Representatives. Republican candidates Jimmy Patronis and Randy Fine have received support from the cryptocurrency industry through media campaigns funded by the Defend American Jobs PAC, which has spent about $1.5 million supporting the two candidates as of March 22.