Newsroom
NAFCU issue brief details what CUs need to know about digital assets
NAFCU released an issue brief outlining the regulatory environment surrounding the early stages of digital assets’ integration into the broader economy. The Digital Assets Brief is intended to help cut through technical digital asset conversations and better position credit unions to compete in the digital asset space on a level playing field.
Through the detailed issue brief, NAFCU aims to “help readers better understand the meaningful differences between cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs), how different digital asset networks operate, how digital assets are currently being used and may be used, and how federal agencies and Congress are approaching digital assets’ early regulation.”
NAFCU has called on regulators and Congress for credit unions to be granted the ability to engage with digital assets on equal footing with other financial institutions. The association recently wrote to both the Senate Banking Committee and the House Financial Services Committee regarding the President’s Working Group (PWG) on Financial Markets’ report on stablecoins, cautioning how a lack of a clear regulatory environment and appropriate supervisory framework poses risks to the adoption of otherwise promising technologies, including digital assets.
Read the full issue brief for an understanding of the rapid growth of digital assets and its effect on the economy. NAFCU will continue to monitor changes in the digital asset sphere and update the issue brief accordingly.