Representative Byron Donalds of Florida introduced a bill yesterday that would allow Bitcoin to be included in Americans’ 401(k) plans. The bill is currently labeled as the House’s companion to the Senate’s Financial Freedom Act of 2022. Senator Tommy Tuberville introduced the original bill on May 5th.

The bills were both pushed forward as the United States Department of Labor released regulatory guidance advising investment firms against allowing any form of digital currency into the 401(k)s of Americans.

Both bills were put forward in response to regulatory guidance released by the U.S. Department of Labor in March. That guidance advises investment firms against allowing crypto in 401(k)s. Donalds has called the Department of Labor’s guidance a “far-reaching and sweeping endeavor to centralize power in Washington” and also claimed that the guidance “infringes on the founding principles of economic liberty and free markets.”

The crypto industry itself has shown massive support for the Financial Freedom Act. The Blockchain Association and Chamber of Digital Commerce are both quoted in Donalds’ original announcement.