The American Federation of Teachers (AFT), a union organization representing the rights of educators in the United States, has publicly expressed its opposition to the Senate's advancing legislation on cryptocurrency market structure, claiming that the bill "threatens the stability of teachers' retirement security."
In a letter submitted to the Republican and Democratic leaders of the U.S. Senate Banking Committee on Monday (the letter was obtained by CNBC), the AFT explicitly opposed the passage of the "Responsible Financial Innovation Act." Senators described the bill as "based on" the market structure solution proposed in the House, the "CLARITY Act." The teachers' union pointed out that the bill poses "profound risks" to economic stability and retirement plans.
The AFT emphasized in the letter: "This bill fails to provide a regulatory framework for crypto assets and stablecoins similar to that of other pension holdings. Due to risk factors, most pension institutions do not hold crypto assets. This legislation incorrectly describes crypto assets as stable and mainstream products, which is not the case."
Notably, the market structure bill draft "CLARITY Act" proposed by the Senate Banking Committee in July and the draft from the Senate Agriculture Committee in November did not explicitly mention allowing the use of digital assets in pensions or retirement funds. However, the AFT warned that if the bill is passed, "pensions and 401(k) plans will ultimately hold unsafe assets, even if they invest in traditional securities."
The American Federation of Labor and Congress of Industrial Organizations also expressed similar concerns in an October letter to the Banking Committee, stating that the market structure bill poses a threat to "the financial stability of retirement funds and the overall U.S. economy." The organization noted that this legislation would "increase workers' risk exposure by allowing retirement plans such as 401(k) and pensions to hold these high-risk assets."
The AFT represents 1.8 million professionals in education, healthcare, and public service. According to data from the National Association of State Retirement Administrators, as of the second quarter of 2025, the total assets of public pensions, including teachers, exceed $6.5 trillion, while a report released by the Investment Company Institute in September indicated that the total retirement assets in the U.S. are approximately $45.8 trillion.
As the Senate works to advance the market structure bill, former President Trump has taken steps to change policies to allow cryptocurrencies to be included in 401(k) retirement plans. In August of this year, Trump signed an executive order directing the Department of Labor to reassess the restrictions on alternative assets in defined contribution plans, which include digital assets.
Several asset management companies have begun to take action, showing their willingness to add digital assets to Individual Retirement Accounts (IRAs) and 401(k) plans.
Reportedly, in October of this year, Morgan Stanley began allowing its advisors to recommend cryptocurrency funds in clients' retirement portfolios. Retirement funds managed by states such as Michigan and Wisconsin have also gained exposure to cryptocurrencies through exchange-traded funds (ETFs) associated with digital assets.
It is currently unclear when the Senate will vote on the market structure bill in a full session. One of the bill's main advocates, Senator Cynthia Lummis of Wyoming, noted on Tuesday that she expects the Banking Committee to release an updated draft this week and may hold a markup hearing before Congress goes on recess.
Related: Senator Lummis expects markup review of cryptocurrency market structure bill next week
Original article: “Teachers' Union Claims Cryptocurrency Market Structure Poses Risks to Retirement Funds”
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