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Home » Nussle: Crypto consumers need protection
Policy & Issues

Nussle: Crypto consumers need protection

January 8, 2023
2021_07_cryptocurrency_119625

Recent cryptocurrency exchange collapses show the status quo isn't cutting it for consumers, CUNA President/CEO Jim Nussle wrote in The Hill.

"So how do we get the best of both worlds — to take advantage of this innovation while protecting consumers?" Nussle wrote. "The answer is twofold: 1) create a strong regulatory regime to oversee digital currencies and related activities; and 2) enable consumer-friendly institutions such as credit unions to offer digital asset services."

Nussle noted that companies involved in recent collapses are taking advantage of loopholes--gaining advantages of regulated institutions without offering the same protections. 

"Congress—along with federal regulators—must ensure these companies cannot continue to operate in this manner. Laws and regulations must be designed to keep up with the continued evolution of these technologies.  

He also noted that consumer protectors like credit unions should have the ability to offer crypto services to consumers in a safe way. 

"White House research shows 16 percent of adults in the U.S. are engaged with cryptocurrency. CUNA’s data shows 39 percent credit union members are engaged with cryptocurrency, and 59 percent of credit union members between ages 18 and 34," Nussle wrote. "These are consumers who are interested in exploring the possibilities of digital currencies, and also trust their credit union to meet their financial needs. It’s a natural partnership."

Resource

The Ecosystem of Cryptocurrency Virtual Conference (recorded)



KEYWORDS cryptocurrency
Credit Union Magazine: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
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