• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
stablecoin, crypto

US Labor Union Urges Senate To Oppose Crypto Bill Over Pension, Workers’ Risks

Rubmar Garcia
by Rubmar Garcia
2 hours ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The largest US federation of trade unions has asked US Senators to reject the Senate’s version of the crypto market structure bill due to serious concerns and a lack of proper safeguards for workers.

Related Reading: Bank Of England Eyes Exemptions To Controversial Stablecoin Cap Proposal – Details

Senate’s Crypto Bill Faces Backlash

On Tuesday, Jody Calemine, Director of Government Affairs at The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), sent a letter to the US Senate Banking Committee sharing multiple concerns about the highly anticipated Responsible Financial Innovation Act (RFIA).

Calemine affirmed that the bill “does not protect consumers, workers or the financial system,” arguing that RFIA’s treatment of crypto assets “poses risks to both retirement funds and to the overall financial stability of the U.S. economy.”

According to the letter, the current state of the legislation would enable the crypto industry to “operate in wider and deeper ways” without sufficient oversight or “meaningful safeguards,” which would potentially increase financial instability.

While currently most pensions do not carry crypto assets because of the risks associated with them, the bill provides the facade of regulation that may make cryptocurrency and associated assets more mainstream in portfolios. Passing this legislation will allow the proliferation of assets that investors will wrongly perceive as safe.

The AFL-CIO director warned that the proposed bill also increases systemic risks, as it would expose banks and put the Federal Deposit Insurance Corporation (FDIC)’s taxpayer-backed Deposit Insurance Fund at greater risk.

Additionally, the labor union considers that the legislation “codifies the tokenization of securities and assets such that private companies have a pathway to create a shadow public stock outside of SEC oversight.”

Labor Union, State Regulators Call For “Proper Safeguards”

The letter concluded that the Senate’s version of the crypto market structure bill “substantially weakens” both federal and state enforcement tools to regulate digital assets.

It’s worth noting that the Senate’s RFIA is expected to come before the Committee, led by Chairman Tim Scott, soon as the US Congress’s upper chamber races to advance the bill to a floor vote next month and potentially send it to the President’s desk before the end of the year.

The legislation has also received backlash from multiple state authorities, which have warned that it may “diminish their ability to pursue wrongdoers” and allow criminals to “wiggle out” of prosecution.

As reported by Bitcoinist, regulators from Alabama to Montana recently argued that the bill does not give state-level regulatory agencies implicit authority to supervise crypto companies, which could mean that these regulatory agencies may not be able to prosecute offenders for fraud.

State regulators have proposed changes to the market structure bill, like adding language that specifies businesses to register and respond to their inquiries, and rejecting the provisions that redefine the investment contract test.

Similarly, the AFL-CIO suggested that working people need policies that effectively regulate financial markets and ensure their hard-earned retirement benefits are not endangered.

Ultimately, Calemine asked the Senate Banking Committee members to oppose the bill, and “make sure that the financial system is stable instead of creating a casino for crypto billionaires to make more profits.”

Related Reading: EU Plans Transfer Of Crypto, Stocks Oversight Power To Address Market Fragmentation – ESMA Chair

Crypto, btc, btcusdt

Bitcoin (BTC) trades at $112,402 in the one-week chart. Source: BTCUSDt on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Rubmar Garcia

Rubmar Garcia

Follow

Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

Full Profile

Related Posts

Next Crypto to Explode as 'Stars Are Aligned' for Bitcoin ETF Explosion & Gold Hits $4K

Next Crypto to Explode as ‘Stars Are Aligned’ for Bitcoin ETF Explosion & Gold Hits $4K

34 minutes ago
square bitcoin

Η Square λανσάρει μηδενικές χρεώσεις σε πληρωμές με Bitcoin – Νέα εποχή για crypto συναλλαγές

1 hour ago
MetaMask

MetaMask Unveils Perp Futures Trading, Powered By Hyperliquid (HYPE) And Polymarket

1 hour ago
ChatGPT Predicts BNB to Hit $2,500 This Year: Here Are Its Recommendations for the Best Crypto to Buy

ChatGPT Predicts BNB to Hit $2,500 This Year: Here Are Its Recommendations for the Best Crypto to Buy

1 hour ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 9)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (October 9)

11 minutes ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 9)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (October 9)

12 minutes ago

Premium Sponsors

Press Releases

  • Maxi Doge นักสู้เหรียญมีมยืนโพสท่าในสังเวียนมวย

    Binance-Peg DOGE นำโด่ง Top 11...

    2 hours ago
  • Find Out Why Whales are Rushing to Buy Bitcoin Hyper’s $22M Presale—Plus, Our $HYPER Price Prediction.

    Find Out Why Whales are Rushing to Buy Bitcoin Hyper’s...

    3 hours ago
  • ...

    1 day ago
  • Your Chance to Win Up to 10% Deposit Bonus and Up to 21K $USDT Bonus Prizes at KCEX

    Your Chance to Win Up to 10% Deposit Bonus and Up to 21K...

    1 day ago
  • 分析師稱 FARTCOIN 有望暴漲...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.