Teachers Union Warns Senate Crypto Bill Endangers Pension Funds
The American Federation of Teachers has escalated its opposition to proposed cryptocurrency legislation, labeling the market structure bill as a threat to retirement security. In a letter to Senate Banking Committee leaders, AFT President Randi Weingarten criticized the draft for enabling 'reckless exposure' of pension assets to volatile digital markets.
The union argues the bill falsely legitimizes cryptocurrencies as stable investments while failing to address risks of fraud and manipulation. 'This isn’t innovation—it’s gambling with educators’ life savings,' the letter states, citing concerns about retirement plan vulnerabilities.
The pushback comes as lawmakers weigh expanding crypto’s role in traditional finance. Critics contend the legislation prioritizes industry growth over investor protections, potentially exposing institutional portfolios to untested asset classes.
