Labor Unions Push Back Against CLARITY Act's Crypto Pension Threat
AFSCME and labor allies are speaking out against the CLARITY Act, a bill they claim would make it easier for cryptocurrency to infect millions of workers' pensions and 401(k) accounts.
The bill, which has drawn fierce opposition from labor unions and retirees, would strip away critical cryptocurrency enforcement measures and replace them with oversight from the understaffed Commodities Futures Trading Commission.
Nearly a dozen public pensions lost over $330 million earlier this year when their crypto investments tanked, and AFSCME retirees like Frank Weglarz are worried about the possibility of cryptocurrency invading their pensions.
'I'm really concerned because I think crypto is so volatile,' said Weglarz. 'I worry about my pension. It keeps me going. That's how I pay my bills.'