U.S. Sen. Tommy Tuberville, R-Ala., reintroduced a pair of bills Tuesday aimed at bolstering cryptocurrency, including one to reverse Biden administration-era guidance dissuading Americans from holding crypto in their retirement accounts.
Alabama’s senior senator rolled out the announcement by tweeting his portrait with glowing/laser eyes — a popular meme among the crypto community:
Ironically, the meme gained popularity when then-President Joe Biden gave himself red laser eyes after referencing the 2024 Super Bowl in a tweet that came to known as ‘Dark Brandon.’
The glowing red eyes were also used in Donald Trump’s mugshot Elon Musk also participated in the trend last year while championing cryptocurrency
Initially introduced in 2022, the Financial Freedom Act was filed again by Tuberville on Tuesday.
It would reverse a Biden-era memo from the U.S. Department of Labor that limits options for where Americans can invest their retirement earnings, the senator’s office said in a press release.
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,” Tuberville said.
“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.”
Also on Tuesday, the senator reintroduced the Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act, which 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.
The bill 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.
Digital commodity platforms collect and store personally identifiable information — including Social Security numbers, mailing addresses, and sensitive financial account data — of their users, according to the senator’s office.
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,” Tuberville said. “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.”