Crypto regulatory framework is needed, could help the unbanked

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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 on Tuesday for its cryptocurrency hearing.

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

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

The CRIB also notes:

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

The letter cites CUNA’s support for the whole-of-government approach outlined by President Joe Bidens’ executive order in March.

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