WASHINGTON—NAFCU is calling on Treasury to not “deter technological innovation” as it focuses regulation digital assets.
NAFCU Regulatory Compliance Counsel Dale Baker offered comments in response to the Treasury Department’s request for comment (RFC) on the responsible development of digital assets, expressing support for Treasury and other regulators to apply existing anti-money laundering and anti-terrorism regulations to intermediated digital-assets-related finance applications and activities.
According to NAFCU, while the Treasury Department must fulfill its consultative requirement under President Joe Biden's Executive Order on Ensuring Responsible Development of Digital Assets, the department does not have to “go at it largely alone.”
Baker urged Treasury to work closely 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 prevent criminals’ misuse of digital assets and related technologies.”
Differences Highlighted
In addition, Baker sought to highlight in the letter the differences between intermediated digital-assets-related finance applications and activities, like those engaged in by some credit unions, and truly decentralized digital-asset-related finance applications specifically designed to enable users to interact and transact with one another without any intermediary’s involvement.
You Could Have Gotten This News In Your Email Inbox This Morning. Every Morning. And at a Price Every CFO Will Love
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.