Finance associations call for overhaul of crypto rules
Recommendations include revising classification rules, recognising stablecoins, and updating risk weights.
A coalition of leading banking and financial industry associations has formally requested that the Basel Committee on Banking Supervision (BCBS) temporarily halt the implementation of the Cryptoasset Exposures chapter (SCO60) of the Basel framework.
In a letter to the BCBS, the associations argued that the existing Cryptoasset Standard, adopted in 2022, now imposes overly restrictive and punitive capital requirements that make meaningful bank participation in crypto markets uneconomical.
They warned that the current framework risks pushing crypto activity outside the regulated banking sector, limiting oversight and potentially…
