CUNA Writes HFSC Seeking Consumer Protections Related to Digital Currencies; Opportunities for CUs, FIs to Offer Digital Asset-Related Services

CUNA forwarded a letter to the House Financial Services Committee ahead of its hearing, “Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins.”

Notes the letter: "Congress should explore ways to regulate the delivery of financial services using digital currencies to ensure that consumers are protected in the same way if they received financial services from a financial institution. Furthermore, Congress should look for ways enable credit unions and other financial institutions to provide digital-asset-related services so that these services can be properly overseen by Federal regulators."

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Related: President’s Working Group on Financial Markets Releases Report and Recommendations on Stablecoins