Labor Unions Join Banking Industry In Opposition To Senate Crypto Bill, The Clarity Act

"The groups wrote that the bill "jeopardizes the stability of workers' retirement plans, including public pensions, and introduces significant volatility to retirement savings accounts." "This legislation invites the cryptocurrency industry to take outsized risks, knowing that if those risky bets do not pay off, it is working people and retirees, not crypto billionaires, who will pay the price," the unions wrote in a joint letter to all senators."

"The AFL-CIO, in a separate email to Banking Committee members, warned that "absent sufficient regulation, embedding cryptocurrencies and other digital assets into the real economy will have a destabilizing effect, while benefiting issuers and platforms at the expense of working people.""

"The Senate Banking Committee is scheduled to mark up and vote on the bill Thursday. Despite months of bipartisan talks, it remains unclear whether any Democrats on the committee will vote in favor of the measure. Several lawmakers say the bill needs more work on ethics, conflict-of-interest, and security provisions."

Five major labor organizations urged the Senate to vote against a pending cryptocurrency market structure bill. The AFL-CIO, SEIU, American Federation of Teachers, National Education Association, and AFSCME warned the legislation would jeopardize workers’ retirement plans, including public pensions, by introducing significant volatility to retirement savings accounts. The unions said the bill invites the cryptocurrency industry to take outsized risks, with working people and retirees bearing the consequences if digital asset bets fail. They also warned that without sufficient regulation, embedding cryptocurrencies and other digital assets into the real economy would have a destabilizing effect while benefiting issuers and platforms. The Senate Banking Committee is scheduled to mark up and vote on the bill, and additional concerns were raised about ethics, conflicts of interest, and security provisions.

Read at Bitcoin Magazine