Labor unions oppose Senate crypto bill ahead of Thursday committee markup: report

Several major labor organizations, including the AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association, and American Federation of State, County and Municipal Employees, are urging the U.S. Senate to reject a pending crypto market structure bill. They argue that the legislation would jeopardize the stability of workers' retirement plans and public pensions by exposing them to cryptocurrency volatility, with workers potentially bearing the losses. The AFL-CIO specifically warned that without sufficient regulation, embedding cryptocurrencies into the economy could be destabilizing and benefit issuers at the expense of working people. The bill also faces opposition from the American Bankers Association regarding provisions on stablecoin yield, while figures like Michael Saylor have expressed support for the bill's potential to foster digital asset market development.

(Source：The Block)