Tuberville says that "Crypto is the future"

April 1, 2025 – WASHINGTON, D.C. – U.S. Senator Tommy Tuberville (R-AL) reintroduced two pieces of legislation related to protecting American cryptocurrency. Senator Tuberville declared that, "Crypto is the future."

Senator Tuberville's first bill, the Financial Freedom Act, would reverse a Biden-era memo from the U.S. Department of Labor (DOL) that limits options for where Americans can invest their retirement earnings. The Financial Freedom Act would allow Americans to choose how they want to invest their money, including in crypto.

"The Biden administration was hellbent on controlling every aspect of Americans' lives," said Senator Tuberville. "Meddling in 401(k) investments through overregulation restrains financial growth and restricts personal liberty. The federal government, which is $36 trillion debt, shouldn't be telling anyone how to invest their money. My bill ensures that hardworking Americans have the financial freedom to make decisions about how to invest their retirement savings."

Senator Cynthia Lummis (R-Wyoming) is a cosponsor of this legislation.

The Financial Freedom Act would reverse regulatory guidance released by the Employee Benefits Security Administration, an agency inside of U.S. Department of Labor (DOL). The guidance attempts to bar 401(k) investors from investing in cryptocurrency and undermines the ability of 401(k) plans to offer brokerage windows, which give retirement plan participants the ability to personally control how their assets are invested.

Tuberville warned that the DOL guidance threatens that employers and investment firms could be subject to investigation and enforcement actions should they allow individuals using brokerage windows to invest in cryptocurrency. Senator Tuberville's bill would bar such investigations and enforcement actions, opening the door for Americans to invest their savings in investments of their choice.

Senator Tuberville's second bill, the Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act, would prohibit the Commodity Futures Trading Commission (CFTC) from registering a digital commodity platform that is owned in whole or in part by an entity organized or established in China. It also requires the CFTC to revoke the registration of any digital commodity platform in the event an entity with ties to the Chinese Communist Party (CCP) acquires all or any part of the ownership of the entity.

Tuberville's office explained that digital commodity platforms collect and store personally identifiable information - including Social Security numbers, mailing addresses, and sensitive financial account data - of their users. Allowing entities based in the PRC to access this information raises serious concerns related to investor protection, data privacy, national security, sanctions compliance, and anti-money laundering efforts. Companies based in the PRC all ultimately answer to the CCP.

"For four years, the Biden administration put America last – bowing to China at every turn and allowing our adversaries to get ahead," said Senator Tuberville. "Thanks to President Trump, those days are over. Crypto is the future and we have to make sure our markets are protected from bad actors like China who want to destroy us. This critical bill will protect our markets and make Americans safer."

Senator Cindy Hyde-Smith (R-Mississippi) is a cosponsor of this legislation.

Senator Tuberville has consistently been an outspoken advocate in Congress for personal financial freedom.

Senator Tuberville previously introduced the Financial Freedom Act in the 117th Congress.

Tuberville joined 36 of his U.S. Senate colleagues in introducing the Fair Access to Banking Act, a bill to protect fair access to financial services by preventing banks and financial institutions from discriminating against law-abiding businesses.

The Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act Tuberville claims is necessary due to the CCP's efforts to mine data and surveil the public. Well known, and decisive action is needed to safeguard the American people. Under current law, U.S. regulators have limited tools to block the purchase of a U.S. digital commodity platform by a CCP-tied entity. The Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act will help to wall off the burgeoning U.S. digital asset industry from Chinese interference and help to ensure continued American leadership in financial innovation.

Senator Tuberville believes the CCP seeks to overtake the United States as the top global superpower and that America must face China's growing military and non-military threats with clear-eyed resolve.

Since assuming office in the U.S. Senate in 2021, Senator Tuberville has led and supported numerous efforts to protect American investments, intellectual property, and national security from China.

Tuberville led the call for an investigation into Webull Financial, LLC and Moomoo, Inc. – two Chinese-owned stock trading apps operating in the United States that are registered with the SEC and FINRA. Both apps are widely used by American investors and freely collect and store sensitive information about users, including Social Security numbers, mailing addresses, and financial account data.

In May 2023, Senator Tuberville sent a letter to SEC Chair Gary Gensler and FINRA President and CEO Robert Cook calling for oversight of the trading platforms due to the potential CCP access of American user data. In the letter, Senator Tuberville asked for answers to critical questions about the ability of the SEC and FINRA to examine the Chinese companies' compliance with U.S. law.