Crypto Bill ‘Irresponsible’ and ‘Reckless,’ U.S. Teachers’ Union Says
The AFT teacher's union criticized a Senate crypto bill, warning it risks pensions and the economy while failing to curb fraud.Summary
The American Federation of Teachers (AFT), the second-largest U.S. teacher's union, urged the Senate to reconsider the Responsible Financial Innovation Act, calling it "irresponsible" and "reckless." In a letter to the Senate Banking Committee, AFT President Randi Weingarten stated the bill poses profound risks to the pensions of 1.8 million members and the overall stability of the economy, potentially laying the groundwork for the next financial crisis. Furthermore, the union argued the legislation does little to curb the fraud and corruption prevalent in anonymous crypto markets. This opposition follows similar concerns raised by the AFL-CIO in October. Conversely, co-sponsor Senator Cynthia Lummis and Senator Bill Hagerty have defended the bill, asserting it offers a thoughtful, balanced approach with robust consumer protections.
(Source：CoinDesk)