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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.
- [10:01] We need to ensure the US fosters this space for innovation. The NCUA is clearly doing that with the credit unions.
- [11:26] We will probably see SEC being the regulator of digital currencies.
- [13:30] Maybe they are clearing a path for a central bank digital currency or stable coin.
- [15:03] This is an opportunity for credit unions to educate their members on this and let them know this is a high-risk asset class.
Presented By
Larry Pruss
Managing Director, Digital Assets Advisory Services | SRM
Larry Pruss has nearly 25 years of expertise in payments. His background includes work with the National Bank of Canada, where he served as Head of Cards, Payments, and Transactional Solutions. He previously served as Senior Managing Director of Credit Cards and Loan Revenue for Profit Insight, and as Senior Vice President of Portfolio Analytics for Bank of America.
Pruss has worked with leading financial institutions such as Royal Bank of Canada, Canadian Tire Financial Services (now Scotiabank), and MBNA to develop strategies and plans related to card optimization, revenue enhancement loyalty marketing, and portfolio acquisition. He is often quoted in industry publications and regularly publishes articles and white papers related to his areas of expertise.