US unions, banks warn crypto bill threatens pensions

US unions and banks warn the crypto bill could put retirement funds at risk, exposing workers to digital asset volatility and financial instability.

Five major U.S. labor unions—AFL-CIO, SEIU, AFT, NEA, and AFSCME—have launched a campaign urging the Senate to reject the proposed cryptocurrency market structure bill. They warn that the legislation could expose workers’ retirement and public pension funds to the volatility of digital assets, potentially jeopardizing the financial security of millions of savers. In letters to lawmakers, the unions argue that any losses from digital asset investments would ultimately fall on workers, not on companies in the crypto sector. This, they say, puts undue risk on those relying on stable retirement incomes. Additionally, the American Bankers Association has voiced concerns over the bill’s stablecoin provisions, fearing a significant outflow of bank deposits. The debate over the crypto bill’s impact on pensions and financial stability is intensifying as the Senate Banking Committee prepares to vote.