House clears credit union-backed digital assets, anti-CBDC bills

The House advanced three credit union-backed bills Thursday. Following months of work to ensure credit unions have parity with other financial institutions in the GENIUS Act and addressing other credit union concerns in these bills, America’s Credit Unions President/CEO Jim Nussle wrote in advance of the vote to share credit union support.

The Anti-CBDC Surveillance State Act (H.R. 1919) would bar the Federal Reserve from issuing a central bank digital currency (CBDC). It passed 219-210.

“America’s Credit Unions has long supported strong consumer protections and privacy rights in the digital age. The Anti-CBDC Surveillance State Act will help do just that. We’ve supported this legislation because it creates a necessary firewall between consumers’ most private information and the federal government’s access to it via a national digital currency system and protects the important role community institutions like credit unions play in our financial system,” Nussle said. “By banning the creation of a central bank digital currency, we are both protecting Americans’ financial privacy and strengthening the community-based financial services model that credit unions represent.”

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) would create a regulatory framework for stablecoins with parity for credit unions and allow a credit union service organization to serve as an appropriate subsidiary entity to issue stablecoins. It passed the House 308-122 and passed the Senate in June;

“We commend the House for advancing the GENIUS Act to the President’s desk. It’s a significant milestone that rightfully grants credit unions who wish to provide access to payment stablecoins the full authority to issue them under the supervision of the NCUA,” Nussle said. “Credit unions are well-equipped to offer innovative, member-centric financial tools. We’re proud to have supported this bill throughout the legislative process and ensured that no unrelated or harmful measures were included in the final bill text. It’s encouraging to see Congress embrace a future where responsible digital innovation and consumer protection go hand in hand.”

The Digital Asset Market Clarity (CLARITY) Act of 2025 (H.R. 3633) would establish a market structure for cryptocurrencies, ensure stablecoins cannot be treated as a credit union or bank deposit, clarifies that clear credit unions offering digital asset services are not required to hold assets held in custody as liabilities on their balance sheet, and create a clear regulatory pathway for credit unions to safely offer digital commodity custody services. It passed 294-134.

The bill is a “commonsense step toward ensuring credit unions have a clear and level playing field when it comes to participating in the growing digital asset markets. This bill removes regulatory grey areas and provides credit unions with the opportunity to innovate responsibly in the evolving digital financial ecosystem. With our deep roots in financial education and literacy, credit unions are uniquely positioned to help consumers navigate this emerging space prudently and safely,” Nussle said.

Having passed the Senate, the GENIUS Act now heads to President Donald Trump’s desk for his signature. The two remaining bills, H.R. 1919 and H.R. 3633, will go to the Senate for consideration. America’s Credit Unions will engage the Senate to advance those bills.