Leagues and America’s Credit Unions Share Feedback on CLARITY Act

Ahead of potential action on the CLARITY Act, America's Credit Unions and all State Leagues sent a joint letter to Senate leaders expressing support for the bill but also outlining remaining concerns.

The bill would provide clear authority 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 the absence of strong language disincentivizing the idle holding of payment stablecoins.

America's Credit Unions and League continue to engage with Congress on this and other digital assets legislation, as well as proposals to implement the GENIUS Act.

"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. The Association will continue to monitor the bill's progress and keep members informed of developments