In brief
- The American Federation of Labor and Congress of Industrial Organizations warned Monday the Responsible Financial Innovation Act provides only “the facade of regulation” while weakening worker protections and consumer safeguards.
- The labor federation’s letter comes as Senate Republicans push for a floor vote in November.
- Union officials criticized provisions letting FDIC-insured banks directly trade crypto and enabling tokenized securities to bypass SEC oversight.
The largest federation of trade unions in the United States has thrown a wrench into the Senate’s most ambitious crypto legislation to date, warning the bill lacks worker protections and would enable the industry to “operate in wider and deeper ways” without sufficient oversight.
AFL-CIO Director of Government Affairs Jody Calemine accused the Responsible Financial Innovation Act of providing only “the facade of regulation” while actually weakening consumer protections, in a letter dated Tuesday to Senate Banking Committee leadership.
The AFL-CIO represents millions of American workers whose pensions and 401(k)s could soon
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Author: Vismaya V
