NCUA Vice Chairman Supports Cryptocurrency And Stablecoins

According to Odaily, Kyle Hauptman, Vice Chairman of the National Credit Union Administration (NCUA), recently expressed his support for cryptocurrencies and stablecoins during a speech. He emphasized that while new technologies can have negative impacts, innovation is crucial for the development of credit unions. The NCUA's role for credit unions is similar to that of the OCC and FDIC for banks, as it both regulates credit unions and provides insurance for their deposits. Hauptman highlighted that every new, widely adopted technology has its drawbacks, comparing the invention of cars, which led to traffic accidents, but also revolutionized transportation. He noted that although cryptocurrencies are sometimes associated with criminal activities, the illegal use of cash is equally prevalent. He particularly praised stablecoins, believing they can improve the outdated U.S. payment system, especially in the realm of international payments. Hauptman's primary goal is to ensure that credit unions remain competitive and continue to evolve, avoiding obsolescence like Blockbuster.