U.S. Senator Tommy Tuberville is set to unveil the Financial Freedom Act, a proposed bill that would enable Americans to allocate their retirement savings to cryptocurrency investments.
In an interview with Finance Newso Business Live, Tuberville heralded the United States as the “country of Freedom,” while criticizing the previous administration led by Joe Biden for imposing stringent regulations on citizens’ financial choices.
He stated, “Tomorrow, I am dropping a bill called the Financial Freedom Act and it allows families and individuals to invest their retirement funds in crypto.”
America is the country of FREEDOM, but under Joe Biden, the federal government tried to control how Americans invest their money. President Trump is the Crypto President. That’s why I am re-introducing the Financial Freedom Act to give AMERICANS the freedom to invest their… pic.twitter.com/28T7ZiRfPK
— Coach Tommy Tuberville (@SenTuberville) March 31, 2025
The senator also praised the current administration under President Trump, referring to him as the “Crypto President,” and expressed his intention to support initiatives that align with cryptocurrency investments.
“We want to help him with this,” Tuberville remarked, indicating that allowing cryptocurrencies in retirement accounts would benefit the general public. “But the Biden administration, they didn’t want anything to do with crypto,” he added, criticizing the former federal government for its attempts to regulate Americans’ investment choices.
Financial Freedom Act Bill Reintroduced
The Republican senator is reintroducing the Financial Freedom Act, which he initially proposed in May 2022. This legislation seeks to eliminate Department of Labor (DOL) guidelines that restrict the investment options available to self-directed 401(k) account holders when using a brokerage window.
“Meddling in 401(k) investments through overregulation restrains financial growth and restricts personal liberty,” Tuberville emphasized previously.
Additionally, fellow Senator Cynthia Lummis, a prominent advocate for Bitcoin, has been pushing for the inclusion of cryptocurrencies in retirement funds. In 2021, she notably advised, “buy, hold, save Bitcoin for retirement.”
Cryptocurrency in 401(k) Plans
Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C., supports the idea of integrating cryptocurrencies into 401(k) plans. In comments to Finance Newso, he described cryptocurrencies as “a non-correlated alternative asset class.”
Johnson suggested that investments in cryptocurrencies should compose between 2% and 8% of an individual’s portfolio.
Conversely, Amy Arnott, a chartered financial analyst and portfolio strategist with Morningstar Research Services, cautioned that incorporating cryptocurrencies into a 401(k) plan could “significantly increase the risk” associated with retirement investments. She warned that investors might “suffer a large loss at the wrong time,” presenting a considerable concern for those approaching retirement.
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