Dec. 9 at 8:54 PM
The American Federation of Teachers (AFT) opposes the Senate Banking Committee’s crypto market bill, warning it poses “profound risks” to retirement plans. AFT President Randi Weingarten said the bill removes existing crypto safeguards, undermines protections for traditional securities, and could expose pensions and 401(k)s to unsafe assets.
The legislation would allow non-crypto companies to tokenize stock, potentially bypassing securities regulations, raising concerns about fraud and market instability. The AFT calls the bill “irresponsible” and says it could trigger the next financial crisis.
The AFL-CIO also opposes the measure. CEOs of Bank of America, Citi, and Wells Fargo are meeting with lawmakers to discuss it. Co-sponsored by Senators Cynthia Lummis (R-WY), Bernie Moreno (R-OH), and Tim Scott (R-SC), the bill aims to regulate digital assets but faces hurdles due to concerns over tokenization, state oversight, and Democratic support.
$BAC $C $WFC