TL;DR:
- Five labor organizations sent formal communications to the Senate on May 9 to express their rejection of the bill.
- The American Bankers Association (ABA) warned of a potential drain of traditional bank deposits toward crypto-asset platforms.
- The Senate Banking Committee maintains a debate and voting session (markup) on the agenda for this Thursday, May 14, 2026.
Union pressure on the United States Congress has reached its peak as a critical vote on the CLARITY Act approaches. The bill, created to establish a structural framework in the digital asset market, now faces formal opposition from the country’s largest labor coalitions.
According to a CNBC report on Tuesday, May 12, at least five unions sent letters to lawmakers warning about the risks of the proposal. Among the signatories are the AFL-CIO, the Service Employees International Union (SEIU), and the American Federation of Teachers (AFT). They were joined by the National Education Association (NEA) and the American Federation of State, County and Municipal Employees (AFSCME).
Impact on Pension Funds and Retirement Savings
The main concern raised by the unions lies in the exposure of millions of workers’ savings. In a joint letter sent on May 9, four of the organizations pointed out that the rule endangers the stability of retirement plans and public pensions. According to the text of the complaint, the regulations could introduce significant volatility into funds intended for retirement.
The AFL-CIO, in an independent communication addressed to the members of the Banking Committee, warned that the integration of digital assets into the real economy without sufficient regulation will have a destabilizing effect. According to the federation’s analysis, this structure would benefit exchange platform issuers at the expense of the financial security of the working class.
Alignment with the Traditional Banking Sector
Unions are not the only institutional actors who have expressed reservations about the progress of the CLARITY Act. The American Bankers Association (ABA) also expressed its dissatisfaction, focusing on the impact on banking liquidity. Rob Nichols, CEO of the ABA, told industry executives last Sunday that the bill’s current language regarding stablecoins is not clear enough.
Data from the ABA suggest that the incentive toward yields from payment stablecoins could trigger a capital migration from commercial banks to the crypto ecosystem. This scenario presents a shared concern between traditional banking and labor representatives, albeit for different structural reasons.
Conversely, prominent figures in the tech industry defend the measure. According to a post on the social network X by Michael Saylor, Executive Chairman of MicroStrategy, the legislation represents an institutional validation for Bitcoin. Saylor projects that this legal framework would unlock a new phase of digital capital globally.
The fate of the CLARITY Act will be decided during this Thursday’s session in the Senate Banking Committee. Despite months of bipartisan negotiations, support from Democratic lawmakers remains uncertain. The May 14 vote will determine if the project advances to the Senate floor or returns to a technical review phase to adjust its provisions on ethics and security safeguards.
