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The American Federation of Teachers Writes Letter to Senate Opposing the "Cryptocurrency Market Structure Act," Which Would Bring Digital Assets into Pension Funds
BlockBeats News, December 10th, the American Federation of Teachers (AFT) on Monday submitted a petition to the United States Senate calling for the withdrawal of the cryptocurrency market structure legislation, warning that the proposal would pose "serious risks" to pensions and even the broader U.S. economy.
In the letter, first obtained by CNBC, the union pointed out that the Responsible Financial Innovation Act failed to establish an adequate regulatory framework to address the inherent risks of cryptocurrency assets and stablecoins.
AFT President Randi Weingarten wrote in the letter: "This bill not only fails to provide much-needed regulatory measures and common-sense protections, but instead would expose working families—those who are currently uninvolved with cryptocurrency—to economic risk and threaten the stability of their retirement security."
The union, representing 1.8 million members, stated in the letter that its "primary purpose" is to uphold a sound and reliable pension system for retirees. The main reason for opposing the bill is the concern that it could pave the way for digital assets to enter retirement investment portfolios, including AFT pensions.
Weingarten emphasized a key concern that the bill could allow non-crypto companies to tokenize equity through blockchain, potentially circumventing existing securities law regulations. She noted that this could bypass requirements such as registration, disclosure, and intermediary oversight, weakening investor protection mechanisms and regulatory accountability.
Weingarten stated: "This loophole and erosion of traditional securities law will have catastrophic consequences: even if retirement funds and 401(k) plans invest in traditional securities, they may ultimately hold unsafe assets."
In addition to retirement pensions, the letter also highlighted insufficient oversight of illicit activities in the cryptocurrency market by the bill, warning that its loopholes could sow the seeds of the "next financial crisis."
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