Republican lawmakers this week are reviving legislation that would try to stop the Labor Department from restricting employers and investment firms from offering cryptocurrency as part of 401(k) retirement plans, Politico reported. The bill, which Sen. Tommy Tuberville (R-Ala.) will re-introduce Wednesday and Rep. Byron Donalds (R-Fla.) will introduce Friday, would reverse the department's March 2022 guidance that threatened investigations into retirement plan administrators if they opted to invest employee funds in digital assets. The Labor Department has said it issued the warning because of a lack of clarity around crypto regulation and because of concerns about scams. It preceded the crypto market meltdown from late last year, when the collapse of the FTX exchange revealed extensive industry mismanagement. But Tuberville said in a statement that "the federal government shouldn’t choose winners and losers in the investment game." Donalds called the Labor Department move a "gross example of government overreach."
