WASHINGTON–With President Trump having now signed the GENIUS Act and other crypto-related legislation into law, America’s Credit Unions is calling on NCUA to begin rulemaking to allow credit unions to take custody of digital assets for members.

The trade group outlined its request in a letter to the agency here.

“With the recent passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Congress has made clear its intent to place credit unions on equal footing with other financial institutions in the growing digital asset arena. America’s Credit Unions welcomes this step,” Carrie Hunt, chief advocacy offer with America’s Credit Unions said in a statement. “Now, to fully realize the opportunities unlocked by the GENIUS Act, the NCUA must act swiftly to craft the rules that will enable credit unions to directly custody digital assets for their members in a safe and sound manner should credit unions choose to participate. We look forward to working with the NCUA as they move to craft rules or guidance to enable this authority. 

‘Future is Here’

“The future of digital currency is already here, and credit unions must be in the position to innovate, and we will be relentless to ensure credit unions have parity with all other financial institutions,” Hunt added.