The Defense Credit Union Council (DCUC) has submitted official comments to Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott and Ranking Member Elizabeth Warren on H.R. 3633, the Digital Asset Market Clarity Act of 2025.
DCUC expressed support for the bill’s goal of establishing clear rules and accountability for digital asset markets, stressing that regulatory clarity is essential to fostering responsible innovation, protecting consumers, and preventing fraud.
In its comments, DCUC called for full regulatory parity between credit unions and banks in any final legislation, noting that federally insured credit unions should be explicitly included as eligible participants in digital asset activities and that the National Credit Union Administration (NCUA) must be clearly recognized as their primary federal regulator.
“Credit unions support responsible innovation, but parity is essential,” says DCUC Chief Advocacy Officer, Jason Stverak. “Federally insured credit unions should have the same clear authority as banks to serve their members in the digital asset marketplace, under the supervision of their primary regulator. Anything less risks limiting competition and consumer choice.”
“Ensuring credit unions have the same opportunities as other community financial providers is also about preserving access,” reminds Anthony Hernandez, DCUC President/CEO. “American families and underserved communities deserve safe and reliable choices within the regulated system, not fewer, and not riskier alternatives.”
DCUC specifically supports provisions clarifying that payment stablecoins are not deposits and that digital assets held in custody should not be treated as balance-sheet liabilities. However, DCUC cautioned against allowing yield-bearing stablecoins that could drain deposits from regulated financial institutions and weaken local lending.
DCUC also opposed any proposals to attach unrelated policy measures to the legislation, including an arbitrary 10 percent credit card interest rate cap, or the recently reintroduced Marshall-Durbin Credit Card Competition Act. DCUC reminds that these proposals would restrict access to credit, particularly for young servicemembers and lower-income households, and reduce resources credit unions rely on for fraud prevention and consumer protection.
“DCUC believes H.R. 3633 represents an important step toward establishing a coherent federal framework for digital assets,” DCUC wrote. “With modest but critical refinements to ensure credit union parity, regulatory clarity, and consumer protection, this legislation can promote innovation while preserving safety, competition, and access to credit.”