Senator Tommy Tubeshir of Alabama has once again explicitly introduced a law dedicated to allowing the United States 401 (K) retirement plan and open access to cryptocurrencies.

In a February 15 announcement, Tubeshir stated that he first made it clear to the U.S. House of Lords in May 2022 that the Financial Random Act aims to reverse the Labor Department's policy, which indicates what kind of input the 401 (K) plan allows, including data encryption. According to the senator, the bill would strictly prohibit the judiciary from taking enforcement actions against the "application broker dialog box project to invest in cryptocurrency".

"the federal government should not pick the big winners and losers in the investment game," Tubeshir said. "my Act guarantees that everyone who earns a salary has wealth and freedom and can invest in future life through projects that they see fit."

Senators Cynthia Loomis, Rick Skins and Mike Braun have signed up as co-sponsors of the bill, according to the Tuberville. After the collapse of the password market and the bankruptcy of FTX, Voyager Digital and Celsius Network, Lummis said in an interview in December 2022 that she was satisfied that US investors had included BTC (BTC) in his retirement account.

Politico reported on Feb. 14 that California Congressman Byron Donalds plans to explicitly introduce a similar bill in the Senate on Feb. 17. Geoffrey and Tubeshir, both members of the Democratic Party, will face bipartisan resistance-Democratic Senator Elizabeth Warren has expressed concern about Fidelity's plan to put BTC in its 401 (K) account.

The DOL notice issued in March 2022 warned 401 (K) account holders to be "extremely cautious" in dealing with cryptocurrency transactions because of the risk of fraud, theft and capital losses. On Feb. 7, the Securities and Exchange Commission Investment Lecture and Promotion Company Office and the Financial Regulatory Bureau of the North American Securities administrators Industry Association also issued a notice warning that the self-directed retirement account is likely to use cryptocurrency as a potential risk project investment.