The nation’s largest labor federation has launched a fierce opposition to the Senate’s flagship crypto legislation, warning it creates dangerous loopholes while providing only superficial oversight. The AFL-CIO argues the Responsible Financial Innovation Act weakens consumer safeguards and exposes workers’ retirement funds to unnecessary risk, drawing parallels to the conditions that led to the 2008 financial collapse. The dispute emerges as Senate Republicans push for a November floor vote on the controversial legislation that would fundamentally reshape how traditional financial institutions interact with digital assets.
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AFL-CIO Slams Senate Crypto Bill as Worker Risk
The AFL-CIO has strongly criticized the Senate’s proposed cryptocurrency regulation framework, calling it a ‘facade of regulation’ that endangers workers’ retirement savings. The largest US labor federation expressed serious concerns about inadequate protections in the draft legislation. Their opposition highlights growing tensions between labor interests and crypto regulatory efforts.
read moreDemocrats Block Crypto Market Bill Over Security Probe
Democratic senators are threatening to block a key cryptocurrency market structure bill unless authorities investigate potential national security risks involving White House officials. Senators Elizabeth Warren and Elissa Slotkin have demanded probes into Trump’s crypto czar and Middle East envoy before supporting the legislation. The move creates significant hurdles for the bill’s passage in what was already expected to be a tight Senate vote.
read moreLummis: Crypto ATM Fraud Addressed in Senate Market Structure Bill
Senator Cynthia Lummis has indicated that upcoming Senate legislation could tackle cryptocurrency ATM fraud, particularly highlighting recent cases in Wyoming. The market structure bill, supported by Lummis and Senator Kirsten Gillibrand, aims to address vulnerabilities in digital asset transactions. This comes as the Senate Banking Committee prepares to vote on the bill by month’s end.
read moreBipartisan Push for US Crypto Market Structure Bill
A Republican-backed digital asset market structure bill is moving toward a Senate committee vote, with Democratic senators signaling willingness to collaborate. Twelve Democratic lawmakers have issued a statement calling for bipartisan cooperation on the legislation. The move indicates growing political momentum for establishing clear regulatory frameworks for cryptocurrencies.
read moreCrypto Regulation Sprint: Senate vs House Bills
The US government has initiated what industry observers are calling a ‘crypto sprint’ to establish digital asset regulations before the end of the year. The Senate Banking Committee has unveiled its updated market structure legislative draft, which maintains key differences from the House’s CLARITY Act that passed with strong bipartisan support earlier this year. This development highlights the ongoing tension between legislative chambers as they work to create cohesive cryptocurrency regulations, with the Senate approach diverging from the House’s established framework. The accelerated timeline suggests lawmakers are prioritizing comprehensive digital asset legislation amid growing market complexity and consumer protection concerns.
read moreSenate Crypto Bill Faces Delay Over Regulatory Uncertainty
The Senate’s effort to advance comprehensive crypto market structure legislation faces significant hurdles as Senator John Kennedy (R-LA) publicly declared the committee ‘not ready’ for sweeping reforms. Despite Banking Committee Chair Tim Scott’s push for a September 30 markup, lawmakers from both parties express concerns about unanswered regulatory questions. Policy experts warn that traditional banks lack the risk management and technological readiness for rapid crypto integration, while the crypto industry’s heavy lobbying for regulatory clarity clashes with concerns about consumer protection and financial stability. The legislation, which would complement the House-passed CLARITY Act, requires bipartisan support that appears uncertain given Democratic skepticism and Republican divisions.
read moreStephen Miran Fed Nomination Advances Amid Crypto Stance
Stephen Miran, a former Trump administration advisor, has been advanced by the Senate Banking Committee to a temporary position on the Federal Reserve Board of Governors. The 13-11 party-line vote sends his nomination to the full Senate for consideration. Miran, who has expressed support for digital assets in past interviews, would fill the term vacated by Adriana Kugler, ending January 31. During his confirmation hearing, Miran stated he would not resign from his White House advisory role even if his Fed term extends past January. His appointment could influence the Fed’s stance on cryptocurrency and blockchain policy.
read moreCrypto Bill to Reach Trump by 2025, Says Sen. Lummis
Senator Cynthia Lummis announced at the Wyoming Blockchain Symposium that digital asset market structure legislation is expected to reach President Trump’s desk before the end of 2025. The Republican plan involves securing Senate Banking Committee approval by September and Agriculture Committee consideration in October. The legislation will use the House-passed CLARITY Act as its foundation, which aims to clarify regulatory jurisdiction between the SEC and CFTC. Senate Banking Chair Tim Scott indicated potential bipartisan support, estimating 12-18 Democrats might back the bill. This move seeks to provide long-awaited regulatory clarity for the crypto industry while honoring the bipartisan work already accomplished in the House.
read moreUS Treasury Seeks Input on Digital Asset Illicit Activity Detection
The US Treasury Department is soliciting public comments by Oct. 17 on novel strategies to detect and mitigate illicit finance risks in digital assets, as mandated by the GENIUS Act. Signed into law in July, the act aims to enhance oversight of stablecoins and digital asset markets. Treasury Secretary Scott Bessent emphasized the importance of this initiative for securing US leadership in the digital asset space. After reviewing submissions, the Treasury will compile reports for congressional committees, shaping future regulatory approaches.
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