Print
Last Friday, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law. The legislation creates a regulatory framework for stablecoins with parity for credit unions. It also enables a credit union service organization to serve as an appropriate subsidiary entity to issue stablecoins.
America’s Credit Unions (ACU) is urging the NCUA to act swiftly on initiating a rulemaking to allow credit unions to take custody of digital assets for their members. In a letter addressed to Board Chairman Kyle Hauptman, ACU shared,
“Credit unions, limited by less expansive guidance, now risk losing members to less consumer-focused providers unless the agency swiftly authorizes direct custody, extending federal oversight, leveraging credit unions’ cooperative, prudently managed model, and ensuring members can keep digital assets with institutions they already know and trust.”
The League will keep credit unions apprised as we learn more.