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US Labor Union Federation Criticizes Senate Crypto Bill as Weak on Protections
US Labor Union Federation Criticizes Senate Crypto Bill as Weak on Protections
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BTCCSquare news:
The AFL-CIO, representing millions of American workers, has sharply criticized the Senate's Responsible Financial Innovation Act, calling it a "facade of regulation" that undermines consumer safeguards. The labor federation's letter highlights concerns over provisions allowing FDIC-insured banks to trade crypto directly and enabling tokenized securities to bypass SEC oversight.
Union officials argue the bill could expose worker pensions and 401(k)s to unregulated crypto markets. The 182-page draft legislation, currently pushed by Senate Republicans for a November vote, WOULD significantly expand crypto's role in traditional finance without adequate protections.
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