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

According to Mars Finance, 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 bill puts the pensions of its 1.8 million members at risk while doing little to combat fraud and corruption in the digital asset sector. In a letter to the Senate Banking Committee, AFT President Randi Weingarten called the Responsible Financial Innovation Act "irresponsible and reckless," noting that it "poses profound risks to working families' pensions and overall economic stability," and that its enactment could "lay the groundwork for the next financial crisis." The bill was co-sponsored by Senators Cynthia Lummis and Bernie Moreno. Previously, the AFL-CIO, the largest labor union in the U.S., and the Institute of Internal Auditors also expressed their opposition to the bill, pointing out its failure to protect consumers and ensure sound governance of cryptocurrency exchanges.