The American Federation of Labor and the Federation of Industrial Unions (AFL-CIO) oppose the Responsible Financial Innovation Act (RFIA), saying in a letter to the Senate Banking Committee on Tuesday that the bill would pose significant risks to workers and the financial system.
Jody Calemine, director of the American Federation of Labor-Confederation of Industrial Unions (AFL-CIO), said the bill's treatment of crypto assets "poses risks to pension funds and the overall financial stability of the U.S. economy." He added that the bill would allow the crypto industry to "operate in a broader and deeper way within our financial system without adequate oversight or meaningful safeguards."
Senators Cynthia Lummis and Kirsten Gillibrand originally introduced the Radio Frequency Asset Appraisal Act (RFIA) in 2022 and amended it earlier this year. The Senate Banking Committee is developing the bill as an alternative approach to regulating cryptocurrencies, with a different scope and regulatory focus, rather than moving forward with the CLARITY Act, a market structure bill passed by the House in July.
Leading US unions say Senate crypto bill lacks "meaningful safeguards"
2025-10-08 04:50:58
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