US Trade Union Calls Senate Crypto Draft “Poorly Regulated”

TheCryptoTimes2025-10-08 tarihinde yayınlandı2025-10-08 tarihinde güncellendi

The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) has expressed strong concerns over a Senate bill designed to regulate the cryptocurrency market. The AFL-CIO, the largest federation of trade unions in the U.S., argues that the proposed bill lacks crucial safeguards to protect workers and the financial system. The main concerns center on potential risks to retirement funds, workers’ pensions, and broader financial stability. 

In a letter sent by the Union to senators, AFL-CIO Director Jody Calemine expressed deep concerns about the bill’s failure to adequately protect workers. Calemine stated that the RFIA would increase risks for workers by allowing retirement plans, such as 401(k)s and pensions, to include unstable cryptocurrencies. He stressed that the bill only gives the appearance of regulation, which could lead investors to believe that these assets are safe, putting their financial security at risk.

The AFL-CIO also discussed larger systemic risks, stating that the bill could allow banks to hold cryptocurrencies, which would increase the risk to the taxpayer-backed Deposit Insurance Fund. Calemine said that banks that trade in crypto-based hedge funds could be even riskier than the high-risk lending practices that caused the 2008 financial crisis.

The Union was also concerned about the asset and security tokenization provisions in the bill. The AFL-CIO stated that allowing private companies to create digital tokens representing traditional securities could result in a “shadow” market for stocks and other assets that the U.S. Securities and Exchange Commission (SEC) does not oversee. These changes would make things less clear and protect investors less.

Meanwhile, Senators Cynthia Lummis and Kirsten Gillibrand came up with the RFIA last year. It is still a draft and hasn’t been formally introduced in the Senate yet. The AFL-CIO’s opposition shows how important it is to have strong rules that protect workers and investors in the ever-changing world of digital assets.

Also Read: Trump Memecoin Issuer Plans Digital Asset Treasury Firm

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