Vice Chairman of the U.S. National Credit Union Administration (NCUA) supports technological innovations such as cryptocurrencies and stablecoins
On September 12, 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 have negative effects, innovation is crucial to the development of credit unions.
For credit unions, the role of the NCUA is similar to that of the OCC and the 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 He especially praised stablecoins, believing that they can improve the United States' outdated payment system, especially in the field of international payments.
