Kyle Hauptman, Vice Chairman of the National Credit Union Administration (NCUA), recently expressed his support for cryptocurrencies and stablecoins during a speech. He emphasized that while new technologies may have negative impacts, innovation is essential for the growth of credit unions.
Hauptman pointed out that all new technologies carry risks, much like the invention of the automobile brought about car accidents, but ultimately revolutionized transportation. He also noted that although cryptocurrency is sometimes associated with criminal activities, the illegal use of cash is equally widespread.
Hauptman particularly praised stablecoins, highlighting their potential to improve the outdated U.S. payment system, especially in the area of international payments. His primary focus is to ensure that credit unions remain competitive and continue to evolve, preventing them from becoming obsolete like Blockbuster.