In a recent speech, Kyle Hauptman, Vice Chairman of the National Credit Union Administration (NCUA), expressed support for cryptocurrencies and stablecoins. While acknowledging the potential for negative impacts from new technology, he emphasized the importance of innovation for the development of credit unions.

The NCUA serves a similar role for credit unions as the OCC and FDIC do for banks, both regulating credit unions and providing deposit insurance.

Hauptman pointed out that every new, widely adopted technology comes with drawbacks, just as the invention of the automobile brought car accidents but revolutionized transportation. He also stated that while cryptocurrencies are seen as linked to criminal activity in some circles, the illegal use of cash is equally prevalent. He specifically praised stablecoins, seeing them as a means to improve the outdated US payment system, particularly in the realm of international payments.