According to ChainCatcher, Kyle Hauptman, vice chairman of the National Credit Union Administration (NCUA), recently expressed his support for cryptocurrencies and stablecoins in a speech. He emphasized that although new technologies may bring negative effects, innovation is crucial to the development of credit unions.
The NCUA plays a role for credit unions similar to that of the OCC and FDIC for banks, both regulating credit unions and insuring credit union deposits.
Hauptman pointed out that every new, widely used technology has shortcomings, just as the invention of the car brought car accidents but promoted transportation changes. He also said that although cryptocurrencies are considered to be associated with criminal activities in some circles, the illegal use of cash is just as widespread. He especially praised stablecoins, believing that they can improve the United States' outdated payment system, especially in the field of international payments.
