ncua

According to an official announcement, the National Credit Union Administration (NCUA) has released a proposed rule outlining the operational and risk management standards for stablecoin issuers permitted under the GENIUS Act. NCUA Chairman Kyle Hauptman stated that the proposed rule aims to ensure that credit unions are not at a disadvantage in terms of standards and aligns with the proposed standards for bank subsidiaries. The proposed rule has been published in the Federal Register, and the comment period will close on July 17, 2026.

ChainCatcher News, Kyle Hauptman, the Vice Chairman of the National Credit Union Administration (NCUA), recently expressed support for cryptocurrencies and stablecoins in a speech. He emphasized that while new technologies may have negative impacts, innovation is crucial for the development of credit unions.For credit unions, the role of the NCUA is similar to that of the OCC and FDIC for banks; it both regulates credit unions and provides insurance for credit union deposits.Hauptman pointed out that every new, widely adopted technology has its drawbacks, just as the invention of the automobile brought about car accidents but also drove a transformation in transportation. He also stated that while cryptocurrencies are considered linked to criminal activities in certain circles, the illegal use of cash is equally widespread. He particularly praised stablecoins, believing they can improve the outdated payment systems in the U.S., especially in the realm of international payments.