In brief
- The American Federation of Labor and Congress of Industrial Organizations warned Monday the Responsible Financial Innovation Act provides only “the facade of regulation” while weakening worker protections and consumer safeguards.
- The labor federation’s letter comes as Senate Republicans push for a floor vote in November.
- Union officials criticized provisions letting FDIC-insured banks directly trade crypto and enabling tokenized securities to bypass SEC oversight.
The largest federation of trade unions in the United States has thrown a wrench into the Senate’s most ambitious crypto legislation to date, warning the bill lacks worker protections and would enable the industry to “operate in wider and deeper ways” without…
