House Financial Services Committee leaders met with America’s Credit Unions and other trade organizations this week to discuss pending legislation on stablecoins (cryptocurrencies with reserves/another currency underpinning their value). The committee is expected to unveil a discussion draft of legislation soon, and asked America’s Credit Unions to provide feedback on the proposal.

America’s Credit Unions’ efforts are focused on ensuring credit unions do not face barriers when looking to adopt digital assets and supports development of a clear regulatory framework for cryptocurrency and other financial technologies to support innovation and adoption while reducing risks.

An Executive Order issued in January created the President’s Working Group on Digital Assets requiring agencies to:

1. Identify all regulations, guidance documents, orders, or other items that affect the digital assets sector within 30 days; and 
2. Submit recommendations on whether each identified regulation, guidance document, order, or other item should be rescinded or modified within 60 days.

The working group must submit regulatory and legislative proposals to the president within 180 days.

Sens. Bill Hagerty, R-Tenn., Tim Scott, R-S.C., Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., introduced legislation this week to establish a clear regulatory framework for payment stablecoins.