The American Federation of Teachers (AFT) has expressed concerns over the Responsible Financial Innovation Act, urging the Senate to reconsider the legislation. In a letter dated December 8, AFT President Randi Weingarten highlighted the potential risks to the pensions of 1.8 million members and warned that the bill could precipitate a financial crisis due to inadequate safeguards against fraud in the crypto sector. The bill, co-sponsored by Senators Cynthia Lummis, Bernie Moreno, and Tim Scott, has faced criticism from other organizations, including the AFL-CIO and the Institute of Internal Auditors. These groups argue that the proposed legislation fails to protect consumers and lacks proper governance measures for digital asset exchanges.
U.S. Teacher's Union Criticizes Senate Crypto Bill Over Pension Risks
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