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NAFCU Urges U.S. Treasury to Work With NCUA On Digital Asset Development

The association does not want to see new credit union regulation that would hamper technological innovation.

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In March, President Joe Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets to outline an approach to address the risks and benefits of digital assets and the underlying technology.

Biden has been criticized that this approach of using an Executive Order means the government is going at this issue alone. In a letter to the Treasury Department on Thursday, NAFCU Regulatory Affairs Counsel Dale Baker noted that there’s no need to “go at it largely alone,” and there should be efforts made to work with the NCUA “to ensure it does not deter responsible technological innovation or unnecessarily burden the already well-regulated credit union system as it strives to detect, disrupt and deter criminals’ misuse of digital assets and related technologies.”

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times.

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