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Digital assets focus of NAFCU, Treasury meeting
NAFCU met with Treasury officials Tuesday to discuss digital assets and regulatory efforts to ensure the safety and soundness of the financial services industry as more digital asset companies enter the market. NAFCU is also engaged with lawmakers on this issue, calling for a level playing field ahead of congressional hearings this week.
NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Regulatory Affairs Ann Petros, Senior Counsel for Research and Policy Andrew Morris, Senior Counsel for Regulatory Affairs Aminah Moore, Regulatory Affairs Counsel James Akin and Regulatory Affairs Counsel Dale Baker met with Treasury Deputy Assistant Secretary for Financial Institutions Felton Booker and other Treasury staff.
During the meeting, the group discussed the roles of functional banking regulators, including the NCUA, in establishing a regulatory framework for digital assets. The discussion also covered risks related to non-stablecoin digital assets, digital-asset-focused special purpose depository institutions, and cybersecurity.
NAFCU has previously engaged with the Treasury Department and several other agencies, including the Fed and Commerce Department, to share credit union feedback and concerns around digital asset regulation. The NCUA in May issued a Letter to Credit Unions providing NAFCU-sought clarity on the industry’s use of distributed ledger technology.
The association also sent letters ahead of congressional hearings this week on FTX and cryptocurrency issues – the Senate Banking Committee meets today and the House Financial Services Committee met yesterday – to flag safety and soundness concerns and the need to balance the benefits of innovation with proper regulatory oversight.
The association will continue to work with lawmakers and regulators to ensure a level playing field and appropriate cybersecurity regulations within the financial services industry.