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White House expected to release digital asset strategy
The Biden Administration plans to release a government-wide strategy for digital assets, outlining digital assets’ opportunities and risks. Senior government officials have held multiple meetings to discuss the plan, which is being drafted as an executive order. This plan would help streamline the federal government’s efforts to regulate digital assets, including stablecoins, and identify regulatory and national security challenges related to cryptocurrencies.
In December, the Financial Stability Oversight Council (FSOC) published its annual report and in that report urged Congress to pass a comprehensive legislation addressing stablecoin-related risks. NAFCU will continue to monitor updates from FSOC on digital asset security in the future.
Last week the Federal Reserve released a discussion paper examining the pros and cons of a potential U.S. central bank digital currency (CBDC). The paper invites public comment and marks the next step in the Federal Reserve’s discussion of whether and how a CBDC may improve the safety and effectiveness of domestic payments systems.
NAFCU wrote to the Treasury Department to outline the association’s 2022 Advocacy Priorities, and called for the Treasury to coordinate with the other agencies in the President's Working Group on Financial Markets to ensure credit unions’ inclusion in any recommendations to Congress regarding stablecoins. NAFCU will continue to engage with Treasury and other federal financial regulators to ensure credit unions are able to engage with digital assets on equal footing with banks.