DCUC Advocates For Regulatory Parity And Member Protections In Senate Digital Asset Legislation
By CU Today Staff —
WASHINGTON--The Defense Credit Union Council is urging the Senate Banking Committee to strengthen the Digital Asset Market Clarity Act before final passage, arguing the legislation should give credit unions explicit authority to offer digital asset services while closing what it said are regulatory gaps that could disadvantage the industry and leave military families more vulnerable to fraud.
DCUC submitted comments and recommendations to the Committee Tuesday.
"Financial readiness is inseparable from mission readiness. Service members and defense personnel are frequently targeted by digital-asset scams and aggressive offshore platforms. A safe, clear, and technology-neutral federal framework allows trusted credit unions to pair responsible innovation with robust fraud intervention and human support,” said DCUC President and CEO Anthony Hernandez, ret. U.S. Air Force colonel.
DCUC commended Section 401 of the Senate substitute, which authorizes federal and state-chartered credit unions to use digital assets and distributed-ledger systems for permissible financial services (including custody, payments, lending facilitation, and node operation).
In its comments, DCUC urged the Committee to address several critical gaps before final passage:
"Regulatory parity is not a request for preferential treatment," said Jason Stverak, DCUC chief advocacy officer. "When a member-owned credit union performs the same function, manages the same risk, and meets the same high regulatory standard as a bank, it must receive equivalent authority and access under the law."
Originally reported by CU Today.