WASHINGTON–America’s Credit Unions has sent a letter to Capitol Hill expressing support for digital asset services but also urging caution.
“The credit union movement recognizes the growing need for digital asset services and advocates for policies that allow credit unions to responsibly offer these services while safeguarding member interests,” ACU President/CEO Jim Nussle wrote to leaders of the House Financial Services Committee.
The letter was sent in advance of the HFS Committee’s hearing, “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.”
How Credit Unions Can Participate
According to ACU, the letter outlined credit union support for ongoing legislative attention to how credit unions can participate under proposed stablecoin frameworks. This includes the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, it added.
The Specifics
In the letter Nussle specifically described key priorities that legislators should consider so that stablecoin legislation has clear language and appropriate safeguards, including:
- Ensuring that Central Bank Reserve Deposits and Foreign Deposit Accounts only include U.S. dollars and have clear definition of how central bank reserve deposits are defined
- Considering how regulatory frameworks for stablecoin reserves can support credit creation activity at credit unions
- Providing certainty that future stablecoin legislation provides affirmative custodial authority.
America’s Credit Unions said it also supports the CBDC Anti-Surveillance State Act, a bill that would limit the Federal Reserve’s ability to issue a Central Bank Digital Currency (CBDC), adding it believes a CBDC would create consumer privacy concerns and detract from the Federal Reserve’s dual mandate.
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