American Federation of Teachers: Senate Cryptocurrency Bill Will Endanger Pensions and the Overall Economy

The American Federation of Teachers (AFT), the second largest teachers' union in the United States, has urged the U.S. Senate to reconsider a cryptocurrency bill, claiming that the legislation puts the pensions of its 1.8 million members at risk while doing little to combat fraud and corruption in the digital asset space.

AFT President Randi Weingarten stated in a letter to the U.S. Senate Banking Committee regarding the "Responsible Financial Innovation Act" that the bill is "irresponsible and reckless," noting that "it poses profound risks to the pensions of working families and the overall stability of the economy," and could lay the groundwork for "the next financial crisis" if enacted. The bill was co-sponsored by Senators Cynthia Lummis and Bernie Moreno. Previously, the largest labor federation in the U.S., AFL-CIO, and the Institute of Internal Auditors also expressed opposition to the bill, pointing out its failure to protect consumers and ensure sound governance of cryptocurrency exchanges.