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The Maine Credit Union League recently joined America’s Credit Unions and credit union leagues from across the country in signing a coalition letter to Senate leadership regarding H.R. 3633, the Digital Asset Market Clarity Act of 2025 (CLARITY Act).
The Act, first introduced in May 2025, would establish a permanent regulatory framework for cryptocurrencies and other digital assets. While the industry has operated under a patchwork of agency guidance, the legislation would provide clearer rules for how digital assets are regulated in the United States. The bill covers many details of digital asset regulation, including defining which agencies oversee different types of digital assets and creating a pathway for credit unions and other financial institutions to participate in the evolving marketplace.
The coalition expressed strong support for the bill’s overall framework, particularly provisions that would provide clear authority for federal credit unions and federally insured, state-chartered credit unions to participate in digital asset activities under NCUA oversight. The letter also commends the Senate Banking Committee for working with the credit union industry to strengthen those provisions from earlier versions of the legislation.
At the same time, the coalition urged Congress to strengthen the bill’s restrictions on stablecoin yield, arguing that the current language could still incentivize consumers to move money out of credit unions and into stablecoins, reducing the deposits credit unions rely on to make loans in their communities. The coalition emphasized that credit unions should have the opportunity to innovate in the digital asset space while preserving their ability to serve members and local communities.