Major labor unions are now speaking out against the CLARITY Act just before the Senate Banking Committee is scheduled to debate and amend it on Thursday.
As a researcher, I’ve been following the debate around this legislation, and several unions have voiced strong concerns directly to senators. Their main point, as I understand it, is that the bill could jeopardize workers’ retirement security. They argue it would create unnecessary instability in retirement plans, particularly for those who don’t have much say in how their savings are invested.
Labor Unions Raise Alarm On CLARITY Act
CNBC reports that the AFL-CIO and several other major unions—including the Service Employees International Union, American Federation of Teachers, National Education Association, and American Federation of State, County and Municipal Employees—sent a letter and email to all senators on Friday.
The unions stated that the new law puts workers’ retirement plans, such as public pensions, at risk and could cause unpredictable changes to retirement savings.
The bill has also been criticized for potentially encouraging excessive risk-taking within the cryptocurrency industry. Opponents argue that if these risks don’t pay off, it will be ordinary workers and retirees, not company leaders or wealthy investors, who bear the financial burden.
The AFL-CIO sent another email to Senators on the Banking Committee on Friday. In it, the union warned that bringing cryptocurrencies and similar digital assets into the mainstream economy without strong rules could put workers’ financial security at risk.
Workers are now also urging for changes, adding to the demands coming from banks. Banking groups want adjustments to important parts of the CLARITY Act and to the GENIUS Act, which already became law regarding stablecoins.
Last-Ditch Pitch Ahead Of Hearing
I saw a report on Monday that banking groups are pushing back against a proposal to allow stablecoins to offer rewards. Basically, they’re worried it would give crypto firms too much leeway and might encourage people to move their money out of traditional banks.
They explained their final attempt to gain the support of doubtful Republicans on the Senate Banking Committee before the hearing begins.
Despite increasing criticism, I’ve learned that senators are still actively negotiating. It seems the committee will now be working with the latest version of the CLARITY Act when they finalize the bill.
On Monday evening, Senators Tim Scott, Cynthia Lummis, and Thom Tillis published the details of a bill aimed at regulating financial markets, specifically focusing on digital assets.
Updated Digital Asset Text
We released the text after a lot of back-and-forth with our Democratic colleagues. It also incorporates feedback from a wide range of people – including legislators, regulators, law enforcement, those in the financial and tech industries, and groups representing consumers. We really tried to get input from everyone involved.
Chairman Scott stated that the CLARITY Act is the result of collaborative effort and will help families, small businesses, investors, and innovators by providing straightforward guidelines.
He explained that the CLARITY Act aims to provide stability, protection, and transparency, prioritize consumers, fight illegal financial activity, and target criminals and those who pose a threat to the U.S.—all while fostering innovation in the financial sector.
Senator Lummis, noting Wyoming was a pioneer in digital asset laws, commended the revised bill as the result of almost a year of collaboration between both parties.
As an analyst, I see this markup as a significant step toward passing the CLARITY Act. It appears to be addressing industry requests for clearer regulations, and I believe it positions the US to be a leader in the development of digital assets. Essentially, it’s moving the bill closer to providing the regulatory certainty the industry has been seeking and reinforcing our position in this rapidly evolving space.
Featured image created with OpenArt, chart from TradingView.com
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2026-05-13 09:57