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Ahead of today’s Senate Agriculture, Nutrition, and Forestry Committee hearing on digital assets, NAFCU’s Vice President of Legislative Affairs Brad Thaler urged the committee to ensure that the needs of credit unions are met as they continue to integrate these technologies into the market.

“NAFCU appreciates the Committee examining the risks, regulation and innovation of digital assets,” wrote Thaler. “Recent years have seen increased interest in cryptocurrencies, with prices reaching new highs as well as experiencing pull backs.”

In the letter, Thaler mentioned that although the integration of digital assets provides great opportunities for financial institutions, he also emphasizes that “the absence of a clear regulatory environment and appropriate supervisory framework poses risks to the adoption of these otherwise promising technologies.”

Thaler concludes the letter by requesting that credit unions are considered in any legislative approach the committee should consider in the future.

Read the full letter here. The hearing is scheduled for today at 10:00 a.m. Eastern. NAFCU will continue to work with Congress to ensure credit unions are protected as the integration of digital asset technology continues.