USA: Credit unions bank on sentiment to seek approval to hold crypto-assets

The development follows last week’s announcement by the National Credit Union Administration (NCUA) to allow federally insured credit unions (FICUs) to partner with third-party digital asset service providers.

Highlighting certain conditions, the letter specified,

“This includes third-party provided services to allow FICU members to buy, sell, and hold uninsured digital assets with the third-party provider outside of the FICU. “

Ann Kossachev, Vice President of Regulatory Affairs for the National Association of Federally-Insured Credit Unions, noted in the report that her trade group is looking for explicit approval to offer cryptocurrency custody services.

Lance Noggle, Senior Director of Advocacy for Payments and Cybersecurity at the Credit Union National Association also commented that the letter confirms that existing laws allow third-party partnerships with regard to crypto.

Having said that, financial advisors and wealth managers have been embracing crypto to provide broader diversification to investors. This is true not only in the U.S, but in several countries.

Sentiments around crypto-adoption
Recent reports have also revealed that Senator Cynthia Lummis and Senator Pat Toomey hold Bitcoin and crypto-based products as members of the Senate Banking Committee.

Another Twitter exchange between Cardi B and tech billionaire Jack Dorsey was an indication of the current sentiments in the industry. In fact, Dorsey believes that Bitcoin will soon replace the U.S dollar.

Source : ambcrypto.com