House Advances Credit Union Supported Digital Asset & Anti-CBDC Legislation

The U.S. House of Representatives advanced three significant bills Thursday that align with credit union priorities on digital asset regulation and consumer financial privacy. These actions represent progress following sustained engagement to ensure credit unions achieve parity with other financial institutions while maintaining the ability to provide innovative, member-focused services.

Anti-CBDC Surveillance State Act (H.R. 1919)

The House approved H.R. 1919 by a vote of 219-210. The legislation prohibits the Federal Reserve from issuing a central bank digital currency (CBDC), addressing longstanding concerns regarding consumer privacy and potential government overreach. CrossState emphasized the importance of safeguarding member data and maintaining the role of community-based financial institutions within the U.S. payments system. By prohibiting the establishment of a CBDC, this measure ensures that consumer financial privacy is preserved and that credit unions continue to serve as trusted, member-owned alternatives within the financial services marketplace.

Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582)

The GENIUS Act passed the House by a bipartisan vote of 308-122, following Senate approval in June. This legislation establishes a federal regulatory framework for payment stablecoins, explicitly providing parity for credit unions and authorizing credit union service organizations (CUSOs) to issue stablecoins under the supervision of the National Credit Union Administration (NCUA). The inclusion of credit union parity ensures that these member-owned institutions can participate in emerging payment innovations on equal footing with other financial entities. The legislation also reflects efforts by America’s Credit Unions to maintain consumer protections while fostering responsible innovation in digital payments. The bill now advances to the President for signature.

Digital Asset Market Clarity (CLARITY) Act of 2025 (H.R. 3633)

The CLARITY Act was approved by a vote of 294-134. This legislation establishes a clear regulatory structure for digital asset markets, including cryptocurrency activities. Among its provisions, the bill confirms that stablecoins shall not be treated as deposits for regulatory purposes, clarifies that assets held in custody are not required to be reported as balance sheet liabilities, and creates a safe, well-defined pathway for credit unions to provide digital commodity custody services. This measure reduces regulatory uncertainty and supports credit unions’ ability to responsibly offer digital asset services, consistent with their mission to promote financial education and consumer choice.

With House passage of these measures:

• The GENIUS Act (S. 1582) will proceed to the President for signature.
• The Anti-CBDC Surveillance State Act (H.R. 1919) and CLARITY Act (H.R. 3633) now await consideration in the Senate.

CrossState will continue working with policymakers to advance these priorities, ensuring that credit unions remain competitive in an evolving financial services landscape while protecting members’ privacy and security.