Teacher's Union Says U.S. Senate Crypto Bill Puts Pensions and Economy at Risk

Source: CryptoNewsNet Original Title: Teacher’s Union Says U.S. Senate Crypto Bill Puts Pensions and Economy at Risk: CNBC Original Link: The U.S.’ second largest teacher’s union urged the Senate to reconsider a crypto bill it says puts 1.8 million members’ pensions at risk, while doing very little to fight fraud and corruption in the digital assets sector.

In a letter, Randi Weingarten, president of American Federation of Teachers (AFT), addressed the U.S. Senate Banking Committee over the Responsible Financial Innovation Act, saying, “it poses profound risks to the pensions of working families and the overall stability of the economy”.

The proposal, which builds on a measure the House passed earlier this year, is co-sponsored by crypto ally Senator Cynthia Lummis and Senator Bernie Moreno, along with Senate Banking Committee Chair Tim Scott. While the bill lays out a framework for overseeing digital assets, it also raises fresh questions about how tokenized securities, instruments that aren’t strictly cryptocurrencies, would be treated by regulators.