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Labor Unions Mount Push Against Senate Crypto Bill Ahead of Committee Vote

Major labor organizations are urging senators to reject cryptocurrency legislation scheduled for a Senate Banking Committee vote Thursday, citing threats to worker retirement security. The AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association, and American Federation of State, County and Municipal Employees warned in correspondence Friday that the bill could destabilize public pensions and retirement savings accounts. Union leaders argue the measure permits the crypto industry to assume excessive risk. They contend potential losses would shift to workers and retirees rather than industry executives. Democrats and Republicans have collaborated on the market structure bill in recent months, though party divisions persist over security and ethics language. Final legislative text remained unavailable as of Monday evening. Banking industry opposition to certain provisions has also surfaced, with concerns raised about deposit protections.