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AFL-CIO Warns Senate Crypto Bill Lacks Worker Protections, Risks Financial Stability
AFL-CIO Warns Senate Crypto Bill Lacks Worker Protections, Risks Financial Stability
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BTCCSquare news:
The AFL-CIO, the largest federation of U.S. trade unions, has sharply criticized the Senate's Responsible Financial Innovation Act (RFIA), arguing it exposes workers and retirement funds to undue risk. In a letter to the Senate Banking Committee, the union highlighted the bill's failure to address safeguards for pensions and financial stability, drawing parallels to the 2008 crisis.
Jody Calemine, AFL-CIO's director, emphasized concerns over unregulated tokenized securities slipping past SEC oversight. The proposed framework could allow risky crypto assets into retirement plans, potentially destabilizing workers' financial futures. Modernization of financial regulations must not come at the cost of hard-earned pensions, the union contends.
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