The Defense Credit Union Council (DCUC) has provided official  comments to the House Committee on Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development ahead of the Subcommittee’s September 15  hearing, “Main Street Meets Crypto: What Digital Assets Mean for Small Businesses.” DCUC called on Congress to ensure credit unions can safely and responsibly provide lawful cryptocurrency and digital asset services to small businesses, working families, and the communities they serve. 

“Small businesses should be able to choose their trusted, member-owned credit union as digital  asset services evolve. In support of that, Congress should ensure credit unions have a clear and workable path to provide these services while maintaining the safeguards and personal  guidance their members depend on,” states Anthony Hernandez, DCUC President/CEO, Ret. U.S. Air Force Colonel. 

In the letter, DCUC highlighted that digital asset policy should focus on practical outcomes for Main Street businesses, including faster payments, efficient transactions, transparent costs, and  access to trusted financial guidance. DCUC urged Congress and regulators to ensure credit  unions are included in digital asset and market structure frameworks and have access to the  infrastructure, technology partners and shared-service models needed to participate. 

DCUC also called for stablecoin rules that allow credit unions to participate through appropriate  structures, while protecting the funding that supports local lending and avoiding regulatory requirements that disproportionately burden smaller institutions. DCUC noted that regulators  should coordinate compliance requirements, recognize existing credit union safeguards where appropriate, and provide clear guidance, examiner training and reasonable implementation  periods. 

“Innovation should expand choices for small businesses,” says Jason Stverak, DCUC Chief  Advocacy Officer. “Credit unions can help members understand the opportunities and risks of digital assets, but they need clear rules, workable infrastructure and a regulatory framework that allows them to compete and serve members responsibly.” 

DCUC voiced the importance of financial education and consumer protection and that new services should be accompanied by appropriate operational controls to protect member assets and personal information.