Labor unions say crypto bill endangers retirement
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- AFL‑CIO and allied unions (SEIU, AFT, NEA, AFSCME) sent a letter to all senators warning that the crypto bill could jeopardize retirement accounts for millions of workers.
- Senate Banking Committee scheduled a vote on the crypto bill for Thursday but has not yet released the final legislative text.
- Banking industry opposes a provision that would let crypto firms offer interest‑like payments on stablecoin holdings, saying it could threaten bank deposits.
- Crypto industry counters that the proposed agreement would ban such interest‑like practices, defending its position.
Why it matters: Millions of workers risk losing retirement stability while unions push for stricter crypto oversight; banks fear deposit erosion and crypto firms risk losing interest‑like services.
