The State of Credit Unions as Trump Purges its Regulator
The American Prospect
On October 27 in Las Vegas, National Credit Union Administration (NCUA) Chairman Kyle Hauptman waved around a Venetian Resort poker chip in one hand, and a $100 bill in the other. On the keynote stage of Money20/20, a finance and banking trade conference, Hauptman touted the great potential of stablecoins, a kind of cryptocurrency that pegs its value to a more stable asset, like dollars. Stablecoins are like poker chips, Hauptman explained: a symbol whose reliable value depends on secure conversion into a sovereign monetary instrument.
Glossing over the deeper resonances one might acknowledge when likening cryptocurrencies to poker chips, Hauptman said stablecoins may buoy credit unions’ long-term business prospects, enabling new capacities such as instantaneous bank settlements. He added that he and his colleagues on the NCUA’s board have put a lot of care into issuing productive crypto-related guidance—even during the blockchain-averse Biden years.
As of April, however, Hauptman has no colleagues…
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