- AFT petitions U.S. Senate on crypto market bill.
- AFT warns bill threatens pension security.
- Regulatory loopholes linked to potential financial crises.
The American Federation of Teachers urged the U.S. Senate to withdraw a crypto market bill, citing significant economic risks, particularly to pensions and retiring workers’ financial security.
The union highlights potential systemic risks, loopholes bypassing securities laws, and concerns for retirement portfolios amid potential tokenized equity regulation changes.
AFT’s Concerns Over Pension Security in Crypto Bill
AFT President Randi Weingarten highlighted concerns that the Responsible Financial Innovation Act could allow digital assets into pension portfolios, exposing working families to potential economic risks. The union, representing 1.8 million members, emphasized the ‘grave risks’ to retirement security if non-crypto firms convert equity to tokenized forms, bypassing traditional securities regulations.
The petition included fears that traditional securities in pensions could become unsafe tokenized assets, exposing systems to catastrophic financial risks. Weingarten’s letter warned senators that the bill enables illicit activities, contributing to the next financial crisis.
The bill fails to provide ‘urgently needed regulatory measures and common-sense safeguards’ for crypto and stablecoins.
Bitcoin Market Shifts Amid Legislative Deliberations
Did you know? The AFT’s stance mirrors other significant policy interventions against pension vulnerabilities, much like its opposition to policies threatening Social Security.
Bitcoin’s current market statistics reveal a changing landscape. With a price of $92,722.48 and a market cap at $1.85 trillion, Bitcoin dominates with 58.51% market share, reflecting a fluid crypto economy. Notably, Bitcoin’s 24-hour trading saw a 2.49% price increase, contrasting its 18.77% dip over 90 days. Data source: CoinMarketCap.
The Coincu research team posits that union-led opposition to crypto legislation could delay, but not eliminate, large pension fund engagement with crypto assets. Existing laws tighten asset management standards, while the bill’s regulatory path decisively influences future tokenization trends. Potential changes remain pivotal but undefined.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
No tags available.
Other Posts
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Circle Mints $500 Million USDC on Solana Blockchain
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Is MetaMask Preparing for Its Long-Awaited MASK Token Airdrop?
- BitMine Expands Ethereum Holdings to $13B With Major Weekly Purchase
- U.S. House Passes Temporary Funding Bill for Continued Operations
- DeXe Protocol Begins Trading on Aster Platform
- Federal Reserve Reaffirms Neutral Stance on Cryptocurrencies
- Balancer Hacks: 2,000 ETH Laundered via Tornado Cash
- Paradigm Stakes $700 Million in HYPE, Shaking Up Crypto Governance
- Coinbase Launches Monad Token Sale Amidst Industry Speculation
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Circle Mints $500 Million USDC on Solana Blockchain
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Is MetaMask Preparing for Its Long-Awaited MASK Token Airdrop?
- BitMine Expands Ethereum Holdings to $13B With Major Weekly Purchase
- U.S. House Passes Temporary Funding Bill for Continued Operations
- DeXe Protocol Begins Trading on Aster Platform
- Federal Reserve Reaffirms Neutral Stance on Cryptocurrencies
- Balancer Hacks: 2,000 ETH Laundered via Tornado Cash
- Paradigm Stakes $700 Million in HYPE, Shaking Up Crypto Governance
- Coinbase Launches Monad Token Sale Amidst Industry Speculation
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Circle Mints $500 Million USDC on Solana Blockchain
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Is MetaMask Preparing for Its Long-Awaited MASK Token Airdrop?
- BitMine Expands Ethereum Holdings to $13B With Major Weekly Purchase
- U.S. House Passes Temporary Funding Bill for Continued Operations
- DeXe Protocol Begins Trading on Aster Platform
- Federal Reserve Reaffirms Neutral Stance on Cryptocurrencies
- Balancer Hacks: 2,000 ETH Laundered via Tornado Cash
- Paradigm Stakes $700 Million in HYPE, Shaking Up Crypto Governance
- Coinbase Launches Monad Token Sale Amidst Industry Speculation
Latest
History Suggests Big Gains Ahead: Is PENGU Ready for Another Bull Run?
Press Release
CARV Deep Dive: Cashie 2.0 Integrated x402, Turning Social Capital Into On-Chain Value
The Sandbox Ecosystem Welcomes Web3 Platform Corners, Beta Now Available to Coin Internet Content
