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Labor Federation Opposes Senate Cryptocurrency Bill The AFL-CIO has formally opposed the Responsible Financial Innovation Act , a Senate bill that would establish regulatory frameworks for digital currency. The Teamster's objections center on worker retirement security and systemic financial risk . The legislation would permit FDIC -insured banks to custody and trade digital assets directly. It would also allow companies to issue tokenized financial assets with reduced SEC oversight. The AFL-CIO argues these provisions create a " facade of regulation " that legitimizes cryptocurrency without adequate consumer protection. The Teamster's primary concern involves retirement funds . Millions of workers whose pensions and 401(k)s are managed through institutional channels could face exposure to cryptocurrency volatility if the bill passes. Current regulations prevent insured banks from engaging in high-risk  trading. The proposed legislation would remove...