For the second time, Alabama Senator Tommy Tuberville is set to reintroduce a bill aimed at allowing Americans to add cryptocurrency to their retirement savings plans.

In a March 31 Fox News interview, Sen. Tuberville said he planned to reintroduce his “Financial Freedoms Act” legislation after two failed attempts to get the legislation through Congress in 2022 and 2023. In announcing the bill, the Alabama senator said he wanted to help US President Donald Trump’s perceived role as a “crypto president.” 

“Give people a chance to breathe for once […] let them do what they do best [which] is invest their money,” said the senator. 

The Financial Freedom Act, which Tuberville first introduced in the US Senate in May 2022, proposed scaling back regulations with the Department of Labor over the types of investments used in 401(k) retirement plan fiduciaries. The senator said he would reintroduce the bill on April 1, but congressional records showed no movement at the time of publication.

Related: Trump-linked crypto ventures may complicate US stablecoin policy

This is a developing story, and further information will be added as it becomes available.

Bitcoin (BTC) repeated earlier volatility at the April 1 Wall Street open as US trade tariff talk kept markets nervous.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin stays erratic ahead of crunch tariffs

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making rapid moves within its weekly trading range of around $83,000.

US stocks ticked lower at the open, while gold came off fresh all-time highs of $3,149 per ounce.

Talk of recession began to return to the spotlight ahead of US President Donald Trump’s so-called “Liberation Day,” due on April 2 and on which he promised to unveil a new round of trade tariffs.

“Equity markets are clearly pricing-in a recession: The S&P 500 is down -2% since Fed rate cuts began in September 2024,” trading resource The Kobeissi Letter wrote in part of an X thread on the topic.

Kobeissi referred to the Federal Reserve easing of financial policy in the form of interest rate cuts — something now on pause but which markets see resuming in June, per data from CME Group’s FedWatch Tool.

Fed target rate probabilities for June 18 FOMC meeting. Source: CME Group

While this would be a clear bullish catalyst for crypto and risk assets, Kobeissi noted that history had not favored strong equities rebounds under similar circumstances.

“In the case of rate cuts during a recession, the S&P 500 declined -6% in 6 months -10% within 12 months,” it continued.

“The AVERAGE post-pivot return is +1% in 6 months.”

S&P 500 performance comparison. Source: The Kobeissi Letter/X

Trading firm QCP Capital was similarly cautious about the overall market landscape thanks to macroeconomic forces.

“With consumer confidence plumbing 12-year lows and equity markets already rattled by a 4-5% weekly drawdown, the timing couldn’t be worse,” it wrote about tariffs in its latest bulletin to Telegram channel subscribers. 

“There is a real risk that a broad and aggressive regime could deepen recession fears and send risk assets spiraling. That said, political theatre often leaves room for recalibration. A softer-than-expected rollout could offer markets a brief reprieve.”

BTC price action heads to key resistance

BTC price action thus left market observers keen for stronger signals over momentum, even as fundamental support at $80,000 held firm.

Related: Bitcoin sellers ‘dry up’ as weekly exchange inflows near 2-year low

“Some upside momentum today, but it’s still just a 3-wave move, and resistance is holding strong,” trading channel More Crypto Online summarized about an Elliott Wave schematic for the 30-minute chart, adding that “the rally’s got more to prove.”

BTC/USD 30-minute chart. Source: More Crypto Online/X

Popular trader Jelle noted BTC/USD respecting the 50-week simple moving average (SMA), currently at $76,600, as support.

Bitcoin, he hoped, would reclaim $84,500 as its next leg up, having rejected there earlier in the day.

BTC/USD 1-week chart with 50SMA. Source: Cointelegraph/TradingView

QCP meanwhile shared positive news from investors eyeing possible higher levels to come next.

“On our desk, activity was skewed bullish into Asia open,” it reported. 

“Buyers were seen taking topside exposure ($85k-$90k strikes) and selling downside risk ($75k strikes), a potential bet on a firmer start to Q2.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Asset manager Grayscale has filed to list an exchange-traded fund (ETF) holding a diverse basket of spot cryptocurrencies, US regulatory filings show.

On April 1, Grayscale submitted an S-3 regulatory filing to the US Securities and Exchange Commission (SEC), which is required to convert the non-listed fund to an ETF. 

The Grayscale Digital Large Cap Fund, which was created in 2018 but is not yet exchange-traded, holds a crypto index portfolio comprising Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cardano (ADA). 

As of April 1, the fund has more than $600 million in assets under management (AUM) and is only available to accredited investors (entities or individuals with high net worth), according to Grayscale’s website.

The filing follows an Oct. 29 request by NYSE Arca, a US securities exchange, for permission to list the Grayscale index fund. 

Grayscale’s digital large cap fund holds a diverse basket of digital assets. Source: Grayscale

Related: US crypto index ETFs off to slow start in first days since listing

Index ETFs in focus

The filing underscores how ETF issuers are accelerating planned crypto product launches now that US President Donald Trump has led federal regulators to a softer stance on digital asset regulation. 

In December, the SEC greenlighted the first batch of mixed crypto index ETFs. However, the funds — sponsored by Hashdex and Fidelity — hold only Bitcoin and Ether. They have seen relatively modest inflows since debuting in February.  

In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records. The filings address issues such as staking and options for existing funds as well as new fund proposals for altcoins such as SOL and XRP. 

According to industry analysts, crypto index ETFs are a main focus for Wall Street’s issuers after ETFs holding BTC and ETH debuted last year. “The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.

Magazine: How crypto laws are changing across the world in 2025