Teacher’s Union Says U.S. Senate Crypto Bill Puts Pensions and Economy at Risk: CNBC

• The American Federation of Teachers has urged the Senate to reconsider a crypto bill, citing risks to 1.8 million members' pensions and insufficient measures against fraud.
• The Responsible Financial Innovation Act, co-sponsored by Senators Cynthia Lummis and Bernie Moreno, aims to oversee digital assets but raises concerns about tokenized securities.
• The AFL-CIO and the Institute of Internal Auditors have also expressed opposition, highlighting the bill's failure to protect consumers and ensure sound governance in crypto exchanges.

The U.S.’ second largest teacher’s union urged the Senate to reconsider a crypto bill it says puts 1.8 million members’ pensions at risk, while doing very little to fight fraud and corruption in the digital assets sector.

In a letter dated Dec. 8 obtained by CNBC, Randi Weingarten, president of American Federation of Teachers (AFT), addressed the U.S. Senate Banking Committee over the Responsible Financial Innovation Act, saying, “it poses profound risks to the pensions of working families and the overall stability of the economy”.

The proposal, which builds on a measure the House passed earlier this year, is co-sponsored by crypto ally Senator Cynthia Lummis and Senator Bernie Moreno , along with Senate Banking Committee Chair Tim Scott. While the bill lays out a framework for overseeing digital assets, it also raises fresh questions about how tokenized securities, instruments that aren’t strictly cryptocurrencies, would be treated by regulators.

“The legislation on crypto we have seen weighed by the committee over the last few months gives us deep concern,” Weingarten wrote. “It is as irresponsible as it is reckless. We believe that if enacted, this bill has the potential to lay the groundwork for the next financial crisis.

“Beyond the threat to the retirement security of working families, the legislation being considered by the committee does little to curb the illegal activity, fraud and corruption that continues to be prevalent in anonymous crypto markets,” he wrote.

In October, the AFL-CIO, the United States’ largest labor union, stated its opposition to the Senate Banking Committee over a draft of the crypto bill.

“The Responsible Financial Innovation Act does not protect consumers, workers or the financial system and instead exposes all to more risk,” said the AFL-CIO Director of Government Affairs Jody Calemine in the letter to the Senate Banking Committee. “Passing this legislation will allow the proliferation of assets that investors will wrongly perceive as safe.”

In July, Lummis said, “This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections.

Also a member of the banking committee discussing the bill, Senator Bill Hagerty agreed the bill provides the consumer guardrails Americans have long-awaited.

In August, the Institute of Internal Auditors also wrote a letter expressing concern, although in this case, in regards to crypto exchanges: “The IIA believes the draft legislation does not adequately address the critical need for sound governance and risk management processes at digital asset exchanges.”

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• Consumer advocates are jumping in with unions to push back on the crypto market structure bill making its way through the U.S. Senate.
• They're saying it poses dangers to people's finances and the stability of the U.S. economy.
• Senators have been working toward a markup of the legislation in the Senate Banking Committee as soon as next week, though some expect the date to slip beyond the holidays.

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