Consumer Groups Join Unions Trying to Derail U.S. Crypto Market Structure Bill

A coalition of nearly 200 consumer advocates, financial reform groups, and unions, including Better Markets, Public Citizen, and the Communications Workers of America, sent a letter opposing the current version of the Senate's cryptocurrency market structure legislation. They argue that the bill fails to adequately address widespread harms and leaves consumers vulnerable to fraud. The opposition also highlights concerns over potential conflicts of interest involving President Donald Trump's family investments in crypto ventures. While the House passed a bill earlier, the Senate is negotiating its own version, which Senator Cynthia Lummis hopes to move to markup soon. The teachers' union, AFT, specifically warned that the bill could endanger pensions and erode existing safeguards for traditional securities. Despite this vocal pushback from progressive Democrats, Congress has continued to advance bipartisan crypto legislation.

(Source：CoinDesk)