The significant impact of cryptocurrencies on the financial sector and the overall economy cannot be denied, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday for its hearing on cryptocurrency.

CUNA research shows that credit union members are more than twice as likely than non-members (39% to 16%) to engage with cryptocurrencies. More than 59% of credit union members between 18 and 34 are engaged.

“Credit unions are already engaged and helping their members participate in this nascent industry by partnering with third parties to provide buy, hold, and sell services to their members, utilizing distributed ledger technology to improve business operations, and counseling members on financial decisions related to crypto assets but they can do more,” the letter reads.

CUNA also notes:

• The digital assets marketplace demands a comprehensive regulatory framework that provides consistent oversight for consistent products and services.
• Digital assets services through credit unions provide an entry point for the unbanked and underbanked to receive quality, reliable financial services.

The letter cites CUNA’s supports for the “whole of government” approach outlined by President Joe Biden’s Executive Order in March.