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Crypto Banking Bill Moving in Congress – What CUs Need to Know

Posted by on January 8, 2026

  • The Senate Banking Committee is expected to have a committee markup on landmark cryptocurrency market structure legislation as early as next week.
  • GoWest and our partners at ACU are pushing to ensure the legislation maintains a level playing field for credit unions.

Movement expected soon: Negotiations between Republican and Democratic Senators accelerated this week in anticipation of a markup and potential vote in next week’s Senate Banking, Housing, and Urban Affairs Committee. It’s still unclear whether a bipartisan agreement will be reached by that time; however, Senate Republicans have extended a set of policy offers to Democrats in order to address their stated concerns with the current bill.

What’s moving: The market structure bill being moved, the Responsible Financial Innovation Act (RFIA), is known as a digital assets “market structure” bill, aiming to create a comprehensive regulatory framework for all digital assets, including stablecoins and other crypto assets.

This work builds on the GENIUS Act (S. 1582), signed by President Trump in July, which established a federal regulatory structure for a U.S.-based Stablecoin payments system. The GoWest Advocacy team and America’s Credit Unions worked closely with Senator Lummis (WY) and Senator Hagerty (TN), the primary bill authors, to ensure credit unions could create and distribute stablecoins, custody digital assets, offer stablecoin services, and actively participate in the stablecoin payment environment.

Who’s moving it: Republican Senators Lummis and Hagerty are once again the lead negotiators working directly with Democratic Banking Committee members Gallego (AZ), Gillebrand (NY), and Alsobrooks (MD).

Advocating for credit unions: The GoWest Advocacy Team and ACU have been working with the bill authors to ensure market parity for credit unions amongst other financial services providers. We are also pushing to include NCUA as an approver and certifier of collective rules and PPSIs for stablecoin / digital assets in the future.

Our priority in any crypto legislation is maintaining a level playing field for credit unions with all traditional financial institutions and financial technology companies, such as crypto exchanges.

Key sticking points: Negotiators are working through a number of different proposals including:

  • Clarifying whether Permitted Payment Stablecoin Issuers (PPSIs) can offer interest and rewards programs that would allow annual percentage yield to stablecoin holders. Senator Alsobrooks has signaled a willingness to negotiate on this issue.
  • Democrats are urging committee members to include ethics language targeting the Administration’s ties to crypto businesses and to ensure bi-partisan appointments to both the SEC and CFTC.
  • Negotiations remain underway on several new sections including anti-evasion language, Bank Secrecy Act provisions for digital assets, and provisions on illicit finance and investor protections.

Next steps: We will continue working to help shape the legislation through any potential hearings and markup next week and as needed as it continues through the legislative process. As discussions proceed and if the legislation advances, we’ll keep you up to speed and provide analysis and next steps on final bill language.

Cryptocurrency is quickly becoming one of the hottest issues for 2026 and the GoWest Advocacy Team will be fully engaged. Your input is critical to our advocacy, so please share your questions and feedback with Ryan Fitzgerald, SVP of Advocacy, as this legislation develops.

 

Posted in Advocacy on the Move, Federal Advocacy.

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