The Chair of the Basel Committee for Banking Supervision (BCBS), Erik Thedéen, confirmed to the Financial Times that the Committee is revisiting the Basel crypto rules, as Bloomberg reported last month. Industry associations have repeatedly requested reviews this year, particularly because the rules treat stablecoins as equivalent to the riskiest cryptocurrencies due to their issuance on permissionless blockchains.
“The focus back then was very much on the bitcoins of this world,” said Thedéen, referring to the initial rule development. “Now of course everyone is talking about stablecoins. Permissionless ledgers: are these as risky as we thought? Or is there an argument…
