WASHINGTON—Credit union trade groups said Monday Congress is entering a pivotal stretch for digital assets legislation and other financial services policy initiatives, with both America’s Credit Unions and the Defense Credit Union Council intensifying efforts to ensure credit unions receive equal treatment with banks as lawmakers advance the CLARITY Act and related measures.
Speaking during separate Monday media calls, DCUC Chief Advocacy Officer Jason Stverak and America’s Credit Unions SVP of Advocacy Greg Mesack said this week’s scheduled Senate Banking Committee markup of the CLARITY Act represents a major moment for the future of stablecoins, payments and digital-asset regulation, with both organizations emphasizing they have worked closely with lawmakers to secure explicit parity for credit unions in the legislation.
Stverak said Congress is entering what he described as a “critical legislative sprint” as Republicans attempt to move major policy priorities before the midterm election cycle begins to dominate Capitol Hill activity.
Speaking during DCUC’s Monday morning press call, Stverak said lawmakers are expected to focus heavily in coming weeks on digital assets legislation, housing policy, tax issues, the National Defense Authorization Act and other key measures affecting financial institutions.
On cryptocurrency legislation, Stverak pointed to Thursday’s planned markup of the CLARITY Act by the Senate Banking Committee, describing it as an effort to move the legislation to the Senate floor, where broader debate and amendment activity is expected.
“We continue to monitor for any attempt to attach the Marshall-Durbin interchange language to the bill,” Stverak said, adding that banking industry opposition to portions of the current CLARITY Act draft—particularly stablecoin provisions tied to competition and regulatory treatment—has intensified.
“Our focus has always been and remains clear: ensuring credit union parity with banks in any final framework,” Stverak said. “Credit unions cannot be sidelined as Congress develops the future regulatory structure for payments, stablecoins and digital assets.”
Stverak also highlighted movement on housing legislation, specifically potential House Financial Services Committee action on the Senate passed 21st Century Road to Housing Act. According to Stverak, House leadership appears to be encouraging Financial Services Committee Chairman French Hill to keep revisions to the Senate bill relatively limited in order to improve the odds of final passage through both chambers and eventual White House approval.
“We are still waiting for clear guidance from the White House on how many changes they would be comfortable with,” Stverak said, adding DCUC expects additional movement on the legislation within the next one to two weeks.
On tax policy, Stverak said House Ways and Means Committee Chairman Jason Smith is not expected to immediately pursue standalone cryptocurrency tax legislation alongside the CLARITY Act.
DCUC, he added, continues warning lawmakers against turning credit unions—particularly smaller institutions—into what he described as “tax officials” responsible for collecting and reporting taxes tied to members’ digital-asset activity.
In addition to Senate Banking Committee activity, Stverak noted the House Financial Services Committee is expected to mark up several bills this week. He also said the House Appropriations Subcommittee on Defense is moving forward with hearings tied to the fiscal 2027 Department of Defense appropriations process, where DCUC plans to submit additional comment letters.
ACU's Outlook
America’s Credit Unions Chief Advocacy Officer Kathleen Coulombe noted that last week ACU hosted its National CU CEO Roundtable in Charleston, S.C., bringing together credit union CEOs and league presidents for discussions on what she called the industry’s “most pressing issues” and broader exchanges of ideas ahead of what is expected to be a busy stretch in Washington.
Coulombe also pointed to Thursday’s scheduled Senate Banking Committee markup on the CLARITY Act, saying legislative text was expected as early as Monday or Tuesday and that America’s Credit Unions plans to submit a formal statement for the record ahead of the markup.
Greg Mesack, America’s Credit Unions SVP of government affairs, said the Senate Banking Committee markup on the digital asset CLARITY Act represents “the big show of the week,” noting credit unions have worked extensively with lawmakers to ensure the legislation treats credit unions on equal footing with banks.
“When that bill started in the Senate, the initial version did not include credit unions at all,” Mesack said. “Through our work with the committee and members of the committee, we’ve advanced to a point where credit unions are on equal footing with banks and able to offer the same products and services under this legislation to their members.”
Mesack said America’s Credit Unions remained in contact with Senate Banking Committee staff over the weekend and expects the bill to advance out of committee, likely on a party-line vote, before broader bipartisan negotiations continue on the Senate floor. He compared the process to earlier negotiations surrounding the GENIUS Act, where the group also pushed for parity between banks and credit unions in stablecoin and digital asset activities.
Mesack also highlighted a separate House Financial Services Committee markup focused heavily on fraud-related legislation, an area he said remains a major priority for America’s Credit Unions and its fraud task force.
In addition, Mesack pointed to expected House floor action this week on the SMART Act, sponsored by Rep. William Timmons, which America’s Credit Unions and the Carolinas Credit Union League have supported as a regulatory-tailoring measure for financial institutions.
“That’s just more good common sense regulatory reform that we think will make life better for credit unions,” Mesack said.