Before the U.S. Senate Banking Committee votes, a bill on cryptocurrency market structure faces new opposition. Five major U.S. labor unions have publicly opposed the Clarity Act, arguing that it could introduce volatility from digital assets into retirement savings and public pension systems, while the banking industry has also raised objections to its stablecoin provisions.
The five major unions are applying concentrated pressure.
According to CNBC, the AFL-CIO, Service Employees International Union, American Federation of Teachers, National Education Association, and American Federation of State, County and Municipal Employees have sent letters and emails to members of the Senate Banking Committee urging them to vote against the bill.
These organizations believe the bill would undermine the stability of workers' retirement plans and introduce greater volatility into retirement savings accounts. In a joint letter, unions stated that if the cryptocurrency industry takes on excessive risk, workers and retirees will ultimately bear the cost—not the issuers and platforms.
Banks oppose stablecoin provisions
Opposition is not limited to unions. The American Bankers Association has also raised objections to the latest version of the bill, focusing on regulations concerning payment stablecoins.
In a letter to bank executives on May 10, Rob Nichols, CEO of the American Bankers Association, stated that the provision in the bill prohibiting crypto companies from paying yields on payment-oriented stablecoins could still exert pressure on traditional bank deposits. He argued that such design would unnecessarily stimulate deposit outflows from the banking system.
However, the crypto industry has responded more positively to the revised language. Coinbase has publicly supported this restriction, highlighting a clear divide between banks and crypto platforms on the design of stablecoin regulation.
The outcome of the committee vote remains uncertain.
The Senate Banking Committee is scheduled to review and vote on the bill on Thursday. Although both parties have been discussing the bill for months, it remains unclear whether any Democratic members of the committee will vote in favor.
Several lawmakers stated that the bill still requires further revisions on ethics, conflicts of interest, and security provisions. This means that, even though the crypto industry views it as one of the most important legislative priorities of this session, the bill’s passage through committee still depends on addressing opposition from labor unions, traditional banking sectors, and some Democratic lawmakers.
Saylor publicly expresses support
Among supporters, Michael Saylor, Executive Chairman of Strategy, publicly endorsed the bill. He posted on X that the legislation would unlock new spaces for digital capital, digital credit, and digital equity markets in the United States and globally, and that it would help strengthen institutional recognition of Bitcoin.