ARLINGTON, Va.–The downturn in the price of various bitcoin combined with stablecoins that have proved to be not so stable has led to renewed interest in Washington over bringing more oversight to the cybercurrency landscape. That’s a move that would be welcomed by NAFCU, said VP-Legislative Affairs Brad Thaler.
“We have long advocated that fintechs and others in the financial services space should have the same type of regulation as regulated financial institutions,” said Thaler. “We think there is an important role for regulation. We don’t want to have bubbles in the fintech space that lead to broader financial market concerns.”
Thaler acknowledged “fintech” is a broad term that can include everything from stablecoins to digital currency to apps providing a range of services. Later this week the House Committee on Financial Services will be holding a hearing on stablecoins that Thaler said will have NAFCU’s attention.
“We have long advocated for credit unions to have the same opportunities as other financial institutions when it comes to stablecoins, and we want to make sure it is guaranteed,” he said. “This is definitely an issue…that is going to get a lot of attention from Congress and regulators in coming years.”