Crypto Chaos! Teachers Sound the Alarm 🚨

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It is a truth universally acknowledged, that a gentleman (or in this case, a legislator) in possession of a novel proposal, must be in want of considerable scrutiny – particularly when that proposal concerns the precarious finances of working families. The American Federation of Teachers (AFT), that most vigilant of bodies, has seen fit to express its grave disapprobation of this new bill regarding the, shall we say, peculiar world of cryptocurrencies.

Miss Weingarten, President of the AFT, has, in a letter recently come to light – one suspects with a touch of deliberate fanfare – declared the legislation “as irresponsible as it is reckless,” a sentiment one might employ when discussing a particularly ill-advised match. She fears, you see, for the pensions of those hardworking souls upon whom the stability of our society so heavily relies. A most distressing thought, to be sure! 🙄

AFT Finds Fault With Crypto’s “Loopholes”

In her missive to the esteemed Chairman Scott and the ever-observant Senator Warren – a lady, it is widely known, not easily persuaded by the allure of “digital assets” – Miss Weingarten conveyed her considerable disquiet. The current draft, she delicately observes, gives her cause for “deep concern” regarding the safety of retirement plans, including, naturally, the AFT’s own funds. To proceed, she argues, is to invite “widespread fraud” and “unethical practices” – truly, a prospect to make one shudder!

She further suggests that the bill rather misleadingly presents these cryptocurrencies as something…stable. Stable! As if speculation and volatility were not their very essence! It is, she contends, akin to declaring a stormy sea as perfectly calm. If enacted, she fears, it shall “undercut the safety of many assets,” which is a rather blunt way of stating that things could go horribly awry.

A particular object of her displeasure is a provision permitting companies, not normally associated with this “blockchain” business, to issue stock via this novel method, thereby circumventing perfectly sensible regulations. A loophole, in short, large enough to drive a carriage and four through! She anticipates “disastrous outcomes,” with pensions and 401(k)s potentially invested in assets of dubious merit. 😮

And, of course, the ever-present specter of “fraud and illegal activities” remains, perpetually lingering in the shadows of these digital marketplaces. To ignore such possibilities, Miss Weingarten implies, is, shall we say, a want of prudence.

Delays and Mounting Anxieties

The AFT understands, with a sagacity befitting its position, that this bill, should it unfortunately become law, might well pave the way for the next financial crisis. A worrying prospect, indeed, and one echoed by the AFL-CIO, whose opposition surfaced some months past.

Senators of a Democratic persuasion, including our aforementioned Senator Warren, have also expressed their unease, observing a certain imbalance in the distribution of regulatory authority between the CFTC and the SEC – a debate, one suspects, as thrilling as watching paint dry, but nonetheless important. Even the Secretary of State of Massachusetts has weighed in, pointing out the potential for a withdrawal of oversight from the hands of the states, leaving millions of savers at risk.

Progress, alas, has been somewhat…delayed, partially due to a recent governmental closure of considerable length – a most inconvenient interruption, one might add. However, Senator Lummis assures us a revised draft is forthcoming, to be subjected to the scrutiny of industry and legislators alike. Let us hope, for the sake of all concerned, that a more sensible course is charted.

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2025-12-11 08:14