Ahead of the Senate Banking Committee’s anticipated markup of the CLARITY Act on Thursday, the bill is facing a fresh wave of opposition—this time from major labor unions.
In a letter that warned senators the measure could put retirement security at risk, multiple unions argued the legislation would introduce new instability into retirement plans for workers who have little control over how their savings are managed.
Labor Unions Raise Alarm On CLARITY ActThe unions said the legislation “jeopardizes the stability of workers’ retirement plans, including public pensions, and introduces significant volatility to retirement savings accounts.”
The AFL-CIO also reportedly sent an additional email to members of the Senate Banking Committee on Friday. In that message, the union argued that without “sufficient regulation,” embedding cryptocurrencies and other digital assets into the broader economy could destabilize workers’ financial stability.
Last-Ditch Pitch Ahead Of HearingThey also described what they said is a last-ditch effort to win over skeptical Republicans on the Senate Banking Committee ahead of the upcoming hearing.
On Monday night, Senate Banking Committee Chairman Tim Scott, Subcommittee on Digital Assets Chair Cynthia Lummis, and Senator Thom Tillis, released market structure bill language.
Updated Digital Asset TextChairman Scott said the CLARITY Act reflects what he described as good-faith work that will benefit “families, small businesses, investors, and innovators” by offering clear rules.
Lummis, who said Wyoming “led the way” on digital asset legislation and that Washington is now catching up, praised the updated text as the product of nearly a year of bipartisan work.
She described it as bringing the CLARITY Act one step closer to giving the industry the clarity it says it needs, and framed the markup as a move toward solidifying US leadership in digital asset advancement.
Featured image created with OpenArt, chart from TradingView.com
