WASHINGTON— The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion is being urged to increase regulation of digital assets to create a level playing field for all financial services players.
NAFCU wrote to the subcommittee ahead of its hearing this week to discuss the Biden Administration’s handling of digital assets.
In the letter, Vice President of Legislative Affairs Brad Thaler touted NAFCU’s support for a “competitive framework for digital assets that preserves credit unions’ ability to compete with other financial institutions and companies on a level playing field.”
Thaler noted that NAFCU sees the “enormous potential” of digital assets, but a lack of regulation deters adoption of the technology due to its high risk. The letter recommends Congress find a way to supply a regulatory framework that is consistently applied across the financial services sector, which NAFCU said would ensure a level playing field for new financial technologies.
Opposition to CBDC
In addition, Thaler again cited NAFCU’s opposition to any central bank digital currency (CBDC), stating credit unions are a better option for making fast, safe and affordable payments. He also argued that a direct-to-consumer CBDC is not possible without the Federal Reserve offering consumer accounts.
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