WASHINGTON, D.C. (February 10, 2025) |
The Defense Credit Union Council (DCUC) sent a letter to the House Financial Services Committee (HFSC) in advance of the hearing titled "A Golden Age of Digital Assets: Charting a Path Forward." In the letter, DCUC Chief Advocacy Officer Jason Stverak addresses the regulatory challenges credit unions face in integrating digital assets, highlighting the lack of clear guidance, secure custody solutions, and access to Federal Reserve payment systems.
“As the digital asset space continues to evolve, credit unions recognize the growing interest in digital currencies, blockchain-based financial services, and tokenized assets among consumers, businesses, and financial institutions. At the same time, we are also acutely aware of the regulatory and operational challenges credit unions face in this area. While credit unions strive to offer innovative and secure financial services, the current regulatory uncertainty and lack of clear guidance impede our ability to safely integrate digital assets into our financial ecosystem.”
Challenges DCUC’s letter outlined include fragmented regulations, lack of secure digital asset custody, and consumer protection concerns, particularly in serving military families.
DCUC proposes solutions including clear NCUA guidance for digital asset activities, equal access to Federal Reserve payment systems for digital asset transactions, tailored consumer protection rules, and parity in regulatory treatment for credit unions.
DCUC urges policymakers to establish a regulatory framework that ensures consumer protection, promotes innovation, and allows credit unions to compete fairly in the digital asset space while maintaining their member-focused mission.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy.