Major US labor unions voice opposition to Clarity Act

America's largest labor organizations have expressed strong opposition to the Clarity Act ahead of a scheduled vote in Congress this Thursday, CNBC reported. Major unions, including the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) and the Service Employees International Union (SEIU), warned that bringing the virtual asset industry into the regulatory fold could undermine the stability of the financial system and endanger workers' retirement funds. The AFL-CIO argued that integrating cryptocurrencies into the real economy without sufficient regulation would have a destabilizing effect, benefiting only issuers and platforms while harming workers. In addition to the labor groups, the banking industry has also strongly opposed a provision in the bill that would allow interest payments on stablecoins.