Republicans Plan to Reintroduce Legislation Restricting Crypto in 401(k): Politico

U.S. Sen. Tommy Tuberville (R-Ala) plans to reintroduce a legislation on Wednesday, which would restrict employers and investment firms from offering crypto as part of 401(k) retirement plans, Politico reported.

The legislation is aimed at the labor department and will be introduced in the House by Rep. Byron Donalds (R-Fla), the report added.

U.S. lawmakers had asked investment giant Fidelity to reconsider its bitcoin-based 401(k) offering after the collapse of crypto exchange FTX.

Tuberville's office did not immediately respond to CoinDesk's request for comment.

Read more: US Senators Ask Fidelity to Reconsider Bitcoin 401(k) Offerings Following FTX Collapse