American Federation of Teachers urges US Senate to withdraw Responsible Financial Innovation Act

The American Federation of Teachers sent a letter to the US Senate on Monday urging lawmakers to withdraw the Responsible Financial Innovation Act, a bipartisan bill that would define digital assets and payment stablecoins, according to CNBC. The union, which represents 1.8 million members, warned that the proposal could expose pensions and working families to crypto-related risks by enabling tokenized securities and expanding digital assets in retirement portfolios. It also cautioned that gaps in the bill’s oversight of illegal activities could help set the stage for a future financial crisis.