Major US labor union says Senate crypto bill lacks ‘meaningful safeguards’

The AFL-CIO says the Senate’s crypto framework bill “provides the facade of regulation” that would expose workers’ retirement funds to risky assets.

The largest federation of trade unions in the US says it has “serious concerns” about the Senate’s draft bill to regulate crypto, claiming it lacks worker protections and poorly regulates the sector. 

The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) opposed the Responsible Financial Innovation Act (RFIA), arguing in a letter to the Senate Banking Committee on Tuesday that it would pose significant risks to workers and the financial system.

The bill’s treatment of crypto assets “poses risks to both retirement funds and to the overall financial stability of the US economy,” said AFL-CIO director Jody Calemine.

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