Major labor union warns new bill could put retirement savings at risk

Group 1 - The American Federation of Teachers (AFT), representing 1.8 million members, has warned Congress that the Responsible Financial Innovation Act could jeopardize retirement savings by allowing non-crypto companies to tokenize their stock, potentially bypassing existing securities regulations [2][4] - AFT President Randi Weingarten stated that the bill could expose working families to economic risks and threaten the stability of their retirement security, describing it as "irresponsible" and "reckless" [2][4] - The legislation may lead pension plans to unknowingly hold blockchain-issued assets with different risks, which could have disastrous consequences for traditional securities investments [4] Group 2 - Lawmakers, including Senator Kirsten Gillibrand, indicated that momentum is building for the crypto bill, asserting that "nothing is holding up this bill" [5] - A major fintech firm, Superstate, has launched a program allowing SEC-registered public companies to issue tokenized shares on Ethereum and Solana, facilitating direct capital raising from investors using stablecoins [6] - Superstate's CEO Robert Leshner emphasized the need for primary issuance systems that support instant settlement and compliance by design, rather than relying on workarounds [7]