DCUC Presses Congress To Ensure Credit Unions Can Serve Small Businesses In Crypto
By CU Today Staff —
WASHINGTON—The Defense Credit Union Council is urging Congress to ensure credit unions can safely offer cryptocurrency and other digital asset services to small businesses, working families and their communities as lawmakers examine the growing role of crypto on Main Street.
DCUC made the call Friday in comments submitted to the House Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development ahead of its Sept. 15 hearing, “Main Street Meets Crypto: What Digital Assets Mean for Small Businesses.”
“Small businesses should be able to choose their trusted, member-owned credit union as digital asset services evolve. In support of that, Congress should ensure credit unions have a clear and workable path to provide these services while maintaining the safeguards and personal guidance their members depend on,” stated Anthony Hernandez, DCUC president/CEO, ret. U.S. Air Force colonel.
In the letter, DCUC highlighted that digital asset policy should focus on practical outcomes for Main Street businesses, including faster payments, efficient transactions, transparent costs, and access to trusted financial guidance. DCUC urged Congress and regulators to ensure credit unions are included in digital asset and market structure frameworks and have access to the infrastructure, technology partners, and shared-service models needed to participate.
DCUC also called for stablecoin rules that allow credit unions to participate through appropriate structures, while protecting the funding that supports local lending and avoiding regulatory requirements that disproportionately burden smaller institutions. DCUC noted that regulators should coordinate compliance requirements, recognize existing credit union safeguards where appropriate, and provide clear guidance, examiner training, and reasonable implementation periods.
“Innovation should expand choices for small businesses,” said Jason Stverak, DCUC chief advocacy officer. “Credit unions can help members understand the opportunities and risks of digital assets, but they need clear rules, workable infrastructure and a regulatory framework that allows them to compete and serve members responsibly.”
DCUC voiced the importance of financial education and consumer protection and that new services should be accompanied by appropriate operational controls to protect member assets and personal information.
Originally reported by CU Today.