The National Administration of Credit Unions of the USA & # 40;NCUA & #41; has requested additional information about the interaction of financial institutions regulated by it with the cryptocurrency industry.
NCUA has published a request for information to find out how distributed ledger technology (DLT) and decentralized finance (DeFi) can affect the credit union system and how agency-regulated organizations can interact with technologies and other crypto-asset-related tools.
In the request, NCUA clarifies information about insurance, risks and compliance with the requirements of the law, operations, supervision and related areas in which NCUA can be involved if members of a credit union want to offer services related to cryptocurrencies. The agency also clarifies the situation with stablecoins and how it is possible to insure accounts in these crypto assets.
NCUA Vice Chairman Kyle Hauptman first called on the agency to pay attention to the cryptocurrency industry earlier this year. He pointed to the work of the US Office of the Comptroller of the Currency (OCC), which allows national banks to interact with stablecoins and provide cryptocurrency storage services, as a potential example for credit unions. However, he noted that the NCUA guidelines may not coincide with the position of the OCC.
In a statement requesting information this week, Hauptman compared the cryptocurrency industry to the Internet in the mid-1990s and said that NCUA’s early actions could help ensure that credit unions do not have to catch up in the future.
“The US is striving to become the center of a new cryptocurrency industry by analogy with how our country has succeeded with the Internet economy,” he said. “One of the reasons why the United States dominated the Internet industry is that 25 years ago the government published principles according to which the authorities will not hinder the development of thisa new technology. Millions of Americans have jobs today thanks to the early actions of the federal government.”
NCUA in May joined a group of US regulators who formed an interdepartmental group to develop a clear regulation of the cryptocurrency industry and resolve legal issues related to crypto assets.