Why are major US labor unions opposing the Clarity Act?

Several large US labor unions argue the Clarity Act could expose workers’ retirement savings and pensions to crypto market volatility. The groups say weaker safeguards around digital assets may increase financial risks for ordinary workers and retirees.

What is the Clarity Act crypto bill?

The Clarity Act is proposed US legislation designed to create a clearer regulatory framework for cryptocurrency markets and digital assets. The crypto industry views it as one of the most important bills for expanding institutional adoption in the US.

Why do unions believe the Clarity Act could hurt retirement accounts?

The unions argue the legislation may allow crypto-related risks to spread deeper into pension systems and retirement investments. They warned that if crypto markets face major losses, workers and retirees could bear the financial impact.

What concerns do banks have about the Clarity Act?

American Bankers Association said stablecoin provisions in the bill could encourage consumers to move money out of traditional banks. Banking groups worry this could weaken deposit levels and disrupt parts of the existing financial system.

Why does the crypto industry support the Clarity Act?

Crypto companies believe the bill could provide clearer rules for digital assets, reduce regulatory uncertainty and encourage institutional investment. Supporters argue clearer laws could help the US compete globally in blockchain and crypto innovation.

What did Michael Saylor say about the Clarity Act?

Michael Saylor said the legislation could unlock “Digital Capital, Digital Credit, and Digital Equity” markets linked to Bitcoin and crypto adoption. He described the bill as supportive of broader institutional participation in digital assets.

Does Coinbase support the Clarity Act?

Coinbase backed revised stablecoin language included in the bill. The exchange has generally supported efforts to create clearer US crypto regulations and reduce uncertainty for digital asset companies.

Labor unions oppose Senate crypto market bill

Q: Which labor unions are fighting the Clarity Act?

Groups opposing the bill include the AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association and AFSCME. Together, these organisations represent millions of workers across the US.

Written by Isaac FrancisPublished May. 13 2026

Five of the largest US labor organisations urged the Senate Banking Committee to oppose the proposed Clarity Act, arguing the legislation could expose workers’ retirement savings to cryptocurrency market risks.

The AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association and American Federation of State, County and Municipal Employees warned senators that the bill could destabilise pensions and retirement accounts by embedding digital assets deeper into the financial system.

“This legislation invites the cryptocurrency industry to take outsized risks, knowing that if those risky bets do not pay off, it is working people and retirees, not crypto billionaires, who will pay the price,”

The unions wrote in a joint letter to lawmakers.

The Senate Banking Committee is expected to review and vote on the bill on Thursday, although several Democratic lawmakers reportedly remain concerned about ethics, security and conflict-of-interest provisions within the legislation.

The banking industry has also criticised sections of the bill related to stablecoins, with American Bankers Association warning that restrictions on stablecoin yields could accelerate the movement of deposits away from traditional banks.

Crypto exchange Coinbase supported the revised stablecoin language, while Michael Saylor said the legislation could unlock “Digital Capital, Digital Credit, and Digital Equity” markets tied to Bitcoin adoption.

The Clarity Act has emerged as one of the cryptocurrency industry’s top policy priorities this year, but its path through Congress may depend on whether supporters can overcome growing resistance from unions, banks and undecided Senate Democrats.

At the time of reporting, Bitcoin price was $80,964.48.