ALEXANDRIA, Va.--Noting that the GENIUS Act places credit unions on equal footing with other financial institutions regarding digital assets, America's Credit Unions sent a letter to NCUA urging the regulator to promptly initiate rulemaking to allow credit unions to take custody of digital assets for their members.
“With the recent passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Congress has made clear its intent to place credit unions on equal footing with other financial institutions in the growing digital asset arena," stated ACU Chief Advocacy Officer Carrie Hunt. "America’s Credit Unions welcomes this step. Now, to fully realize the opportunities unlocked by the GENIUS Act, the NCUA must act swiftly to craft the rules that will enable credit unions to directly custody digital assets for their members in a safe and sound manner should credit unions choose to participate. We look forward to working with the NCUA as they move to craft rules or guidance to enable this authority. The future of digital currency is already here, and credit unions must be in the position to innovate, and we will be relentless to ensure credit unions have parity with all other financial institutions.”
ACU Head of Regulatory Advocacy James C. Akin echoed that perspective in the letter he sent to the agency.
"I am writing to urge the National Credit Unions Administration (NCUA) to promptly initiate rulemaking to allow credit unions to take custody of digital assets for their members," wrote Akin. "...America’s Credit Unions appreciates your consistent leadership in the field of digital assets, including resources provided to credit unions on the NCUA website. Those resources laid crucial groundwork, and the recently enacted 'Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025' Act now provides a clear mandate, and an historic opportunity, for the agency to build on that progress.
"To capture that promise, credit unions must also be able to safeguard members’ digital assets directly," continued Akin. "We therefore urge the NCUA to move quickly to begin rulemaking that will permit credit unions to provide digital-asset custody in a safe and sound manner, consistent with the Act’s one-year implementation horizon. Time is of the essence: banks have had additional clarity as regards cryptocurrency since 2021, providing them with a distinct competitive advantage. Credit
unions, limited by less expansive guidance, now risk losing members to less consumer-focused providers unless the agency swiftly authorizes direct custody, extending federal oversight, leveraging credit unions’ cooperative, prudently managed model, and ensuring members can keep digital assets with institutions they already know and trust."