Vice Chairman of the National Credit Union Administration Supports Technological Innovations Such as Cryptocurrency and Stablecoins

Kyle Hauptman, vice chairman of the National Credit Union Administration (NCUA), recently expressed support for cryptocurrencies and stablecoins in a speech. He emphasized that although new technologies may have negative effects, innovation is crucial to the development of credit unions. It is reported that for credit unions, the role of NCUA is similar to that of OCC and FDIC for banks. It not only regulates credit unions but also provides insurance for credit union deposits. Hauptman pointed out that every new and widely used technology has shortcomings, just like the invention of the car brought car accidents but promoted transportation changes. He also said that although cryptocurrencies are considered to be related to criminal activities in some circles, the illegal use of cash is equally widespread. He especially praised stablecoins, believing that it can improve the United States' outdated payment system, especially in the field of international payments. Hauptman's main goal is to ensure that credit unions can remain competitive and continue to evolve to avoid being eliminated like Blockbuster. (Ledger Insights)