"AFL-CIO Sues Treasury Over Musk Data Leak; Lawmakers Tighten Stablecoin Rules"

The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) has initiated legal action against the U.S. Treasury Department, alleging misuse of sensitive data. The lawsuit claims that the Treasury's actions infringe upon federal privacy laws by sharing personal and financial information with Elon Musk's Department of Government Efficiency (DOGE). According to the AFL-CIO, this action represents a significant breach of privacy and poses a larger question about governmental data sharing practices.

The AFL-CIO's lawsuit against the U.S. Treasury underscores growing concerns regarding data privacy in the digital age. In its complaint, the AFL-CIO argues that the Treasury and Secretary Scott Bessent have engaged in an "unlawful ongoing, systematic, and continuous disclosure of personal and financial information." The union contends that such practices not only breach the law but also intrude on individual privacy rights, which are paramount in a democratic society.

This lawsuit raises essential questions about government transparency and accountability when it comes to handling personal data. The AFL-CIO asserts that individuals who share information with governmental entities should not have to worry about that data being disseminated to third parties, even if those parties are affiliated with prominent figures like Elon Musk. This case could set a precedent for how sensitive information is protected, particularly in an era where data breaches are increasingly common.

In parallel with the legal disputes, U.S. lawmakers are taking steps to solidify the position of the dollar in the global economy through new legislation aimed at regulating stablecoins. Representatives French Hill and Bryan Steil have unveiled a draft bill that would impose a two-year ban on "endogenously collateralized stablecoins," which are stablecoins backed by cryptocurrencies issued by their developers. This legislation is intended to pave the way for more regulated, dollar-backed stablecoins.

The proposed legislation is seen as crucial in ensuring that U.S. stablecoin issuers operate under a structured federal framework. Hill stated that the goal is to create a reliable pathway that promotes the development of dollar-backed alternatives. As stablecoins continue to grow in popularity, legislative clarity is essential to maintain the dollar's status as a global reserve currency.

As the regulatory landscape evolves, Coinbase, one of the leading cryptocurrency exchanges, is facing a significant legal hurdle. A recent ruling by U.S. District Judge Paul Engelmayer permits an investor lawsuit to proceed, alleging that the exchange