Republican Senator Tommy Tuberville from Alabama introduced a bill that would allow US citizens to accumulate cryptocurrencies in their 401(k) retirement savings account.

The document, which Tuberville calls the Financial Freedom Act, is a response to the US Department of Labor’s backlash. Earlier, the agency had expressed concern about Fidelity Investments’ decision to offer customers the opportunity to integrate bitcoins into their savings retirement account packages.

“People have been working for decades, living within their means, and investing wisely for a comfortable retirement. Now the Biden administration has decided to dictate which assets qualify for retirement investment. […]. This is the abuse of power at its best,” Tuberville wrote.

According to him, the bill would prohibit the ministry from limiting the types of investments for 401(k) packages.

“Whether you believe in the long-term economic prospects of cryptocurrencies or not, the choice of where to invest your retirement savings should be yours, not the government’s,” Tuberville said.

The Fidelity Investments initiative also worried Senators Elizabeth Warren and Tina Smith. In a letter to CEO Abigail Johnson, they pointed to a potential conflict of interest as the company has been working with crypto products since 2017.

The authors of the appeal stated that investments in digital assets carry “significant risks”.

“Despite the lack of demand – only 2% of employers expressed interest in adding cryptocurrencies to their 401(k) – Fidelity has decided to go full throttle to support investment in bitcoin,” the senators said.

Warren has criticized digital assets many times before. In September 2021, he called cryptocurrencies “new shadow banks” that do not protect their users.

In April 2022, the legislator compared the digital asset market to the 2008 economic crisis.

Recall that in May, Senator Cynthia Lummis revealed the details of a bill regulating cryptocurrencies in the United States. According to him, the document will allow the integration of the digital asset class into 401(k) retirement savings account packages.