Influential labour unions in the U.S. are coming out against the Trump administration’s signature cryptocurrency legislation.
Many of the largest labour groups in America are urging lawmakers to oppose a sweeping crypto bill called the “Clarity Act” ahead of a vote in the U.S. Senate scheduled for May 14.
The AFL-CIO, as well as the Service Employees International Union, American Federation of Teachers, National Education Association, and the American Federation of State, County and Municipal Employees have banded together to warn senators that the legislation could jeopardize retirement accounts for millions of workers in the U.S.
The push from unions comes ahead of the U.S. Senate Banking Committee’s vote on the crypto bill scheduled for later this week.
The unions write in a letter sent to all senators that the crypto bill “jeopardizes the stability of workers’ retirement plans, including public pensions, and introduces significant volatility to retirement savings accounts.”
They add that, “this legislation invites the cryptocurrency industry to take outsized risks, knowing that if those risky bets do not pay off, it is working people and retirees, not crypto billionaires, who will pay the price.”
The banking industry is also fighting the legislation that it says threatens bank deposits by allowing crypto companies to offer yield on stablecoin holdings similar to interest payments.
The Clarity Act has the support of U.S. President Donald Trump, who has several crypto ventures himself.
The legislation aims to provide a regulatory framework for digital assets and open up pension funds to investments in cryptocurrencies such as Bitcoin (BTC).
Bitcoin is currently trading at $80,750 U.S.
