The U.S. trade union federation AFL-CIO sent a letter, signed by Jody Calemine, head of government affairs, to Senate Banking Committee chair Tim Scott (R-SC) and to ranking member Elizabeth Warren (D-MA), arguing against the threat represented by the Stablecoin/Crypto legislation (Responsible Financial Innovation Act) both for workers’ pensions and for the financial system.
“Rather than insulating workers from the instability of crypto assets values, the Responsible Financial Innovation Act would increase workers’ exposure by greenlighting retirement plans like 401(k)s and pensions to hold this risky asset,” [Calemine wrote](https://aflcio.org/about/advocacy/legislative-alerts/letter-raising-concerns-about-would-enable-crypto-industry-avoid on Oct. 7.
