Consumer Groups and Unions Oppose Senate Crypto Market Structure Bill Citing Risks to Consumers and Economic Stability
Nearly 200 groups including consumer advocates, unions, and environmental organizations have signed a letter opposing the Senate crypto market structure bill, citing risks to consumers and economic stability. Notable signatories include Better Markets, Public Citizen, Americans for Financial Reform, the Communications Workers of America, and the teachers’ union AFT. Environmental groups such as Greenpeace, the Center for Biological Diversity, and Animals Are Sentient Beings, Inc. also joined the opposition.
Opponents argue the bill does not adequately address widespread harms caused by the crypto industry and warn it could threaten pensions and retirement investments. The bill is based on the House-passed Digital Asset Market Clarity Act and is currently under negotiation in the Senate in closed-door sessions, with Senator Cynthia Lummis hopeful for a markup in the Senate Banking Committee next week, although the date could slip beyond the holidays.
A major point of contention is the perceived conflicts of interest among government officials, including President Donald Trump and his family, in crypto policy. Democrats led by Elizabeth Warren have criticized the legislative process, and the White House has rejected proposed ethics provisions attached to the bill.
Despite the opposition, Congress has made progress on crypto legislation, including passing a new stablecoins law earlier this year with bipartisan support.
