US Senator Introduces Bill Prohibiting Labor Department From Interfering With...
A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed. Financial Freedom Act The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against....
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A U.S senator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency” if a central bank digital currency is adopted. The bill further states: “No central bank digital currency shall be considered legal tender under section 16 5103 of title 31, United States Code.” No Digital Dollar Act Introduced U.S. Senator James Lankford (R-OK) announced Thursday that he has introduced a bill titled “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve....
The bill is a response from the Alabama Senator to Senator Warren and the Department of Labor’s bid to block Bitcoin investments in self-directed 401(k) investment plans. Republican Senator Tommy Tuberville from Alabama has unveiled a new bill he calls the Financial Freedom Act to allow Americans to add cryptocurrency to their 401(k) retirement savings plan unencumbered by regulatory guidance.The new bill is Tuberville's response to the Department of Labor’s (DOL) push to potentially keep crypto out of 401(k) investment plans due to its perceived potential for risk to investors. As....
The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.”
U.S. Labor Department Sued Over Crypto Guidance
The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,'” was issued on March 10.
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U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals and competing with the private sector. The senator from Texas warned that not only would this CBDC model centralize financial information, leaving it vulnerable to attack, but it could also be used “as a direct surveillance tool into the private transactions of Americans.”
Senator Cruz Introduces Bill to Prevent the Fed From Issuing Digital Dollar to Retail Consumers
U.S. Senator Ted Cruz (R-TX)....
The pro-bitcoin U.S. Senator Cynthia Lummis has reportedly unveiled her plan to introduce a comprehensive crypto bill that will cover everything from how cryptocurrencies are taxed and categorized to consumer protections. The bill will also propose creating a new entity to oversee the digital asset market.
Comprehensive Crypto Bill Coming up in US, Says Senator
U.S. Senator Cynthia Lummis is reportedly preparing to introduce a comprehensive crypto bill next year. The Republican senator from Wyoming explained that the bill will cover everything from how cryptocurrencies are taxed....