Teacher’s Union Says U.S. Senate Crypto Bill Puts Pensions and Economy at Risk: CNBC

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Teacher’s Union Says U.S. Senate Crypto Bill Puts Pensions and Economy at Risk: CNBC The AFT said the bill is “irresponsible” and “reckless,” putting pensions of working families at risk and paving the way for the next financial crisis. By Olivier Acuna | Edited by Oliver Knight Dec 10, 2025, 2:39 p.m. The AFT wrote a letter to the U.S. Senate Banking Committee over crypto legislation. (Pixabay, modified by CoinDesk) What to know : The American Federation of Teachers has urged the Senate to reconsider a crypto bill, citing risks to 1.8 million members' pensions and insufficient measures against fraud. The Responsible Financial Innovation Act, co-sponsored by Senators Cynthia Lummis and Bernie Moreno, aims to oversee digital assets but raises concerns about tokenized securities. The AFL-CIO and the Institute of Internal Auditors have also expressed opposition, highlighting the bill's failure to protect consumers and ensure sound governance in crypto exchanges. The U.S.’ second largest teacher’s union urged the Senate to reconsider a crypto bill it says puts 1.8 million members’ pensions at risk, while doing very little to fight fraud and corruption in the digital assets sector. In a letter dated Dec. 8 obtained by CNBC, Randi Weingarten, president of American Federation of Teachers (AFT), addressed the U.S. Senate Banking Committee over the Responsible Financial Innovation Act, saying, “it poses profound risks to the pensions of working families and the overall stability of the economy”. STORY CONTINUES BELOW Don't miss another story. Subscribe to the State of Crypto Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The proposal, which builds on a measure the House passed earlier this year, is co-sponsored by crypto ally Senator Cynthia Lummis and Senator Bernie Moreno , along with Senate Banking Committee Chair Tim Scott. While the bill lays out a framework for overseeing digital assets, it also raises fresh questions about how tokenized securities, instruments that aren’t strictly cryptocurrencies, would be treated by regulators. “The legislation on crypto we have seen weighed by the committee over the last few months gives us deep concern,” Weingarten wrote. “It is as irresponsible as it is reckless. We believe that if enacted, this bill has the potential to lay the groundwork for the next financial crisis. “Beyond the threat to the retirement security of working families, the legislation being considered by the committee does little to curb the illegal activity, fraud and corruption that continues to be prevalent in anonymous crypto markets,” he wrote. In October, the AFL-CIO, the United States’ largest labor union, stated its opposition to the Senate Banking Committee over a draft of the crypto bill. “The Responsible Financial Innovation Act does not protect consumers, workers or the financial system and instead exposes all to more risk,” said the AFL-CIO Director of Government Affairs Jody Calemine in the letter to the Senate Banking Committee. “Passing this legislation will allow the proliferation of assets that investors will wrongly perceive as safe.” In July, Lummis said, “This discussion draft represents a thoughtful, balanced approach that will provide the clarity our innovators need while providing robust consumer protections. Also a member of the banking committee discussing the bill, Senator Bill Hagerty agreed the bill provides the consumer guardrails Americans have long-awaited. In August, the Institute of Internal Auditors also wrote a letter expressing concern , although in this case, in regards to crypto exchanges: “The IIA believes the draft legislation does not adequately address the critical need for sound governance and risk management processes at digital asset exchanges.” Responsible financial innovation act U.S. Senate Banking Committee More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House By Jesse Hamilton | Edited by Nikhilesh De 14 hours ago The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language. What to know : Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation. Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said. 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