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Leaders of the House Financial Services and Agriculture Committees have released a discussion draft of legislation aimed at establishing a comprehensive regulatory framework for digital assets ahead of a joint committee hearing Tuesday titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century.”
The joint committee hearing was derailed Tuesday after ranking member Rep. Maxine Waters (D-Calif.) objected to holding the hearing due to concerns over President Trump's recent crypto investment $TRUMP token. On Monday, a $1.5 million-per-plate fundraiser for $TRUMP token holders was held in Washington, D.C. Trump is expected to make millions in this new crypto venture.
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Rep. Waters on Tuesday objected to holding the digital assets hearing since Republican lawmakers did not want to address the president's new crypto portfolio. Without unanimous consent, the hearing was not able to go forward as planned, per House rules.
The draft bill proposes significant changes to federal oversight of cryptocurrencies and stablecoins, expanding the Commodity Futures Trading Commission’s role while limiting the Securities and Exchange Commission’s authority. The legislation also addresses key priorities from America’s Credit Unions, including provisions that would allow credit unions to offer digital asset services and place them on equal regulatory footing with banks.
“Our priority throughout the discussion of digital assets legislation has been ensuring that all the various proposals treat credit unions equally with other financial institutions,” said Carrie Hunt, chief advocacy officer at America’s Credit Unions. “We are reviewing this proposal to ensure it meets that requirement.”
The proposal would prevent regulators from requiring digital commodities or stablecoins to be listed as liabilities on credit union balance sheets. It also limits mandates to hold regulatory capital against custodial digital assets, except to address operational risk.
America’s Credit Unions submitted a letter ahead of the hearing urging lawmakers to avoid creating regulatory frameworks “which rely exclusively on bank-centric models,” warning such approaches could sideline credit unions in the rapidly evolving digital marketplace.
The proposed legislation builds on efforts like the previously supported STABLE Act (H.R. 2392), which would allow credit union service organizations to issue stablecoins.
As the legal and technological landscape of digital finance evolves, credit unions are advocating for a level playing field.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
