WASHINGTON, D.C (June 4, 2025) |
As Congress prepares to hold the hearing “A Golden Age of Digital Assets: Charting a Path Forward,” the Defense Credit Union Council (DCUC) is calling for clear, equitable, and tailored regulations that allow credit unions—especially those serving the military community—to responsibly innovate in the digital asset space.
In our letter today, DCUC voiced that without regulatory clarity and flexibility, credit unions risk being left behind in the evolution of financial technology.
“Military families deserve access to the same secure, modern financial tools as anyone else,” says Anthony Hernandez, DCUC President/CEO. “With the right policies in place, defense credit unions can play a vital role in delivering digital asset services that are both safe and mission aligned.”
DCUC supports the CLARITY Act of 2025 for its efforts to provide structure to the digital marketplace but urges Congress to ensure that new rules don’t place an undue burden on not for-profit, member-owned credit unions.
Specific concerns include costly Bank Secrecy Act (BSA) compliance expansions, ambiguous custodial roles, and the risk of excluding smaller institutions from fintech partnerships due to complex registration frameworks.
“Our message is clear: innovation and inclusion must go hand-in-hand,” adds Jason Stverak, DCUC Chief Advocacy Officer. “Credit unions must have equal access to offer services like crypto custody or stablecoin issuance—but in a way that fits their scale, purpose, and existing oversight.”
DCUC recommends five key amendments to the CLARITY Act:
- Recognize the NCUA as the primary regulator for credit unions.
- Provide regulatory tiering or exemptions for smaller institutions.
- Require coordinated rulemaking across agencies.
- Clarify BSA/AML expectations specifically for credit unions.
- Support compliance with technical assistance and funding opportunities.
DCUC remains committed to ensuring that military families are not left behind in the digital transition and stands ready to help shape a regulatory environment that prioritizes both innovation and member protection.
For more information, please contact Jason Stverak at jstverak@dcuc.org and visit dcuc.org/advocacy