Teachers Union Opposes Crypto Bill Over Pension Risks
- The American Federation of Teachers (AFT) has urged Senate leaders to abandon the Responsible Financial Innovation Act, citing risks to pensions and investor protections.
- The AFT argues the bill would weaken safeguards for traditional securities by allowing tokenized stock trading without standard registration or reporting.
- Senator Cory Booker expressed concerns about the bill’s prospects due to potential changes in presidential power over regulatory agencies like the SEC and CFTC.
- The Supreme Court is considering a case that could affect President Trump’s authority to dismiss commissioners from these agencies.
The AFT’s opposition highlights fears that the proposed crypto market structure bill could endanger retirement security by exposing pensions to unsafe assets. The ongoing debate reflects broader divisions within the crypto industry and among lawmakers over regulatory approaches.
Senator Booker’s concerns about regulatory agency independence underscore challenges facing the bill as it seeks to establish a federal framework for digital assets amid contentious policy discussions. Source
