America’s Credit Unions, League System provide CLARITY Act feedback prior to Senate consideration
As the Senate prepares for potential floor consideration of the CLARITY Act, America’s Credit Unions and all State Leagues joined together in a letter to Senate leaders Tuesday on the legislation to express support for the bill but also outline where concerns remain. The bill provides clear authorization for both federal credit unions and federally insured, state-chartered credit unions to participate in digital asset activities.
Though the current Senate Banking Committee-passed version of the bill addresses a number of key credit union concerns, the letter notes that some still remain. Most notably, the narrow formulation of the prohibition on interest and yield, and a lack of strong language disincentivizing the idle holding of payment stablecoins.
America’s Credit Unions and League efforts to engage Congress on this and other digital assets legislation, as well as on proposals implementing the enacted GENIUS Act, are ongoing.
“Ideally, the CLARITY Act will integrate the world of traditional finance with an emerging digital asset sector with minimal disruption to the millions of Americans who depend on reliable access to credit through their local credit union,” the letter reads.