Digital assets – An update on regulatory trends

by The CU Lab

SRM’s Larry Pruss will speak with NAFCU Services CU Lab to catch up on guidance and regulation trends in the digital assets space – including the latest on enforcement actions and what the federal agencies are saying – and what it all means for credit union strategy and operations in 2023.

Key Takeaways:

  • [01:43] President Biden’s executive order Responsible Development of Digital Assets, tasked many financial agencies to submit to the president a report on the future of money and payment systems and make recommendations on digital assets. That resulted in the White House announcing its framework on digital assets.
  • [04:15] Since last year and the beginning of this year we saw quite a few congressional hearings on FPX discussing the risk to digital assets.
  • [05:07] We didn’t see a lot from a regulatory standpoint last year. We did see a lot of enforcement actions.
  • [08:23] The good news for credit unions is the NCUA has been very supportive. Credit unions have this opportunity to win business back from the banks.

 

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