Digital assets and the future of financial services

The U.S. Senate’s passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act marks a historic shift toward legitimizing stablecoins and integrating digital assets into the core of our financial system.

The bill’s advancement without the damaging Durbin-Marshall amendments—aimed at reshaping interchange fee structures—was a great success and a direct result of strong, focused advocacy. But the GENIUS Act is just one piece of the larger puzzle.

As the CLARITY Act of 2025 gains momentum in the House, the financial industry—credit unions included—is on the cusp of a major transformation . . . this is not just another regulatory cycle. It’s a fundamental reshaping of how money moves, how financial services are delivered, and who gets to participate in that future.

Unless credit unions take bold, proactive steps—and unless Congress and regulators recognize and account for our unique role—we risk being boxed out of the very innovations meant to improve access and inclusion. This is largely a reason why the Defense Credit Union Council, DCUC, has been steering our advocacy and member value through strategic and impactful representation. We are determined to make sure your voice, your mission, and your impact remains strong and secure.

If we’re honest, credit unions are navigating a fragmented and somewhat ambiguous regulatory landscape when it comes to digital assets.

While NCUA guidance has begun to open doors—allowing partnerships with fintechs and limited digital asset engagement—the lack of a unified framework creates some hesitation, limits innovation, and quite frankly, puts our institutions at a competitive disadvantage compared to large banks and tech-forward fintechs.

That’s why DCUC has consistently advocated for credit unions to be explicitly included in both the GENIUS and CLARITY Acts (some of our recent comments on regulatory clarity and legislative frameworks with digital assets). Any new digital asset regulatory regime must reflect the operational realities of not-for-profit, member-owned institutions that serve vulnerable populations, including military families.

We’ve made it clear to policymakers: regulatory clarity must enable, not impede, our ability to serve our members.

Credit unions must have the same opportunities as banks and fintechs to:

The GENIUS Act opens the door for some credit unions to qualify as “permitted payment stablecoin issuers”—a potential game-changer. But unless regulatory guidance is coordinated and inclusive, even well-intentioned legislation could leave credit unions tangled in red tape while competitors surge ahead.

In a similar way, we’ve voiced that the CLARITY Act—which outlines oversight for digital commodity markets, custody provisions, and BSA/AML compliance—should be crafted in a way that acknowledges the NCUA as the rightful and appropriate regulator for federally insured credit unions, and tailors obligations to scale with size, risk, and mission.

Without this, smaller and midsize credit unions—especially those serving military families—will struggle, likely finding it cost-prohibitive to enter or let alone grow in this space.

Our industry has long been rooted in consumer protection and community service. As digital assets enter the mainstream, credit unions must be empowered to protect their members and communities from fraud, scams, and risky behaviors—especially among military families who are often targeted by predatory financial schemes.

Check out our July issue of our ALERT magazine for more tools offered by both the FTC and BBB!

Legislation like the CLARITY Act must account for:

Done right, these regulations can enhance trust in digital assets. Done poorly, they will widen the gap between large, for-profit institutions and the community-based credit unions that many consumers rely on.

To stay not only compliant—but competitive—in this fast-evolving space, credit unions should take the following steps:

Determine whether your institution qualifies—or could qualify—to become a stablecoin issuer under the Act. Even if you don’t issue directly, the ability to transact or offer wallets could be strategic.

Analyze your capacity to handle digital asset services:

Actively track guidance from NCUA, FinCEN, and the eventual rulemaking from the CLARITY and GENIUS Acts. DCUC will continue to advocate, but your voice matters locally and nationally.

Credit unions don’t have to go it alone. Partnering with fintechs can offer compliant, member-focused ways to provide digital asset services quickly and affordably—without reinventing the wheel.

We are ensuring that credit unions are heard in every conversation shaping the future of digital finance. In the GENIUS and CLARITY Acts, we’ve pushed for:

This week is clearly “Crypto Week” in the House, with key hearings and bills in motion. We anticipate:

DCUC’s focus remains steadfast:

Credit unions were built to meet members where they are. Even more so now, that means engaging in digital asset ecosystems with tools that are secure, compliant, and competitive.

As we’ve done throughout our history, we must adapt—not just to survive, but to lead. Let’s make sure the GENIUS and CLARITY Acts support that mission, and see the credit union movement grow to new heights, and greater impact.