Elon Musk's SpaceX IPO has sparked widespread concern among Americans about their retirement savings being tied to AI-driven companies. Many fear market instability, widening inequality, and a lack of accountability from tech giants.
The AFL-CIO is urging senators to oppose the Senate's Digital Asset Market Clarity Act, arguing it could expose workers' retirement savings to volatile crypto assets under weak oversight, shifting the bill's focus from market structure to retirement security.
Major labor groups ask senators in a letter obtained first by CNBC to oppose a crypto bill over concerns retirement accounts could be harmed.
President Donald Trump is expected to sign an executive order creating a new retirement account option for the approximately 56 million Americans who lack access to employer-sponsored retirement plans. The accounts would provide federal matching contributions of up to $1,000, integrated with the Saver's Match provision from Secure 2.0 legislation that takes effect in tax year 2027. Single taxpayers earning up to $20,000 and joint filers earning up to $40,000 would qualify for the 50% match on contributions up to $2,000.
