It might be an understatement to say that most U.S. banking and securities regulators are not keen on cryptocurrency. However, in a recent speech the vice chairman of the National Credit Union Administration (NCUA), Kyle Hauptman, made supportive remarks and said the agency should avoid being technophobic.
For credit unions, the NCUA has similar roles to the OCC and FDIC for banks, in that it both regulates credit unions and insures credit union deposits.
Mr Hauptman said, “It’s important that we at the NCUA understand that innovation is necessary. I had a reporter ask me, ‘Aren’t you nervous about being pro-AI and pro-crypto, and do you worry about the problems they may cause?’ I replied, ‘Do I worry there might be problems, be downsides? I know there will be.’”
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