WASHINGTON–The House has passed three crypto-related bills, all of which have had credit union support.
The House has passed the GENIUS Act and the CLARITY Act, which seek to create a regulatory framework for cryptocurrency, as well as the Anti-CBDC Surveillance State Act, which prohibits the creation of a central bank digital currency.
America’s Credit Unions President and CEO Jim Nussle issued statements related to all three pieces of legislation.
GENIUS Act
“We commend the House for advancing the GENIUS Act to the President’s desk. It’s a significant milestone that rightfully grants credit unions who wish to provide access to payment stablecoins the full authority to issue them under the supervision of the NCUA. Credit unions are well-equipped to offer innovative, member-centric financial tools,” Nussle said.
“We’re proud to have supported this bill throughout the legislative process and ensured that no unrelated or harmful measures were included in the final bill text,” he added. “It’s encouraging to see Congress embrace a future where responsible digital innovation and consumer protection go hand in hand.”
America’s Credit Unions said it supported this legislation as it advanced through the Senate Banking Committee and worked closely with the Committee to improve it, ensuring it met the needs of credit unions.
“By providing regulatory clarity and recognizing CUSOs as vital credit union subsidiaries, this legislation provides tremendous opportunity for credit unions to serve their members,” the trade group said.
CLARITY Act
“America’s Credit Unions applauds House passage of the CLARITY Act, a commonsense step toward ensuring credit unions have a clear and level playing field when it comes to participating in the growing digital asset markets,” Nussle said in his statement. “This bill removes regulatory grey areas and provides credit unions with the opportunity to innovate responsibly in the evolving digital financial ecosystem. With our deep roots in financial education and literacy, credit unions are uniquely positioned to help consumers navigate this emerging space prudently and safely.”
Provisions Included
America’s Credit Unions said its advocacy ensured the CLARITY Act includes several notable provisions that reflect credit union needs, such as:
- Section 103 affirms that stablecoins cannot be treated as insured deposits under the Federal Deposit Insurance Act or the Federal Credit Union Act—providing much-needed regulatory clarity.
- Section 310 of the bill takes a smart and pragmatic approach by recognizing custodial digital assets should not be treated as balance sheet liabilities, nor subject to capital requirements absent operational risk.
- Section 405 establishes a regulatory pathway for credit unions to serve as qualified digital commodity custodians. Credit union members rely on their institutions not only for financial products, but guidance as well, and this allows credit unions to serve as trusted entry points for their members to purchase and use digital assets.
America’s Credit Unions noted it wrote in support of the steps this legislation takes to establish parity for credit union participation in digital asset activities when it was marked up by the House Financial Services Committee in June.
Anti-CBDC Surveillance State Act
“America’s Credit Unions has long supported strong consumer protections and privacy rights in the digital age. The Anti-CBDC Surveillance State Act will help do just that. We’ve supported this legislation because it creates a necessary firewall between consumers’ most private information and the federal government’s access to it via a national digital currency system and protects the important role community institutions like credit unions play in our financial system,” Nussle said in a statement. “By banning the creation of a central bank digital currency, we are both protecting Americans’ financial privacy and strengthening the community-based financial services model that credit unions represent.”
America’s Credit Unions noted it expressed support for this bill in advance of the House Financial Services Committee markup and recently reiterated that support in connection with Fed Chairman Jerome Powell’s testimony.
