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Wall Street trade groups call for a reassessment of Basel's crypto standards
Eight major financial trade groups have sent a letter to the #Basel Banking Supervisory Committee, urging a pause on the implementation of cryptocurrency standards set to take effect in January 2026. They argue that the current regulations are overly stringent and could deter banks from participating in the digital asset market.
Concerns about regulation
These groups point out that the current standards, established in 2022, require capital levels of up to 1,250% for certain crypto assets, significantly higher than for traditional assets. They contend that these rules reflect an outdated risk perception from the #FTX crisis era, rather than the current environment where risks are more tightly managed.
According to these groups, overly strict regulations will make cryptocurrency-related activities "economically unfeasible" for banks. This could push the crypto market outside the regulated financial system, posing risks to safety, customer protection, and financial stability.
Calls for change
The trade groups emphasize that with the increasing involvement of institutions, risk management in crypto is now "more integrated with traditional finance." They urge the Basel Committee to review and amend the capital rules to accurately reflect the realities of the market. #anhbacong
Eight major financial trade groups have sent a letter to the #Basel Banking Supervisory Committee, urging a pause on the implementation of cryptocurrency standards set to take effect in January 2026. They argue that the current regulations are overly stringent and could deter banks from participating in the digital asset market.
Concerns about regulation
These groups point out that the current standards, established in 2022, require capital levels of up to 1,250% for certain crypto assets, significantly higher than for traditional assets. They contend that these rules reflect an outdated risk perception from the #FTX crisis era, rather than the current environment where risks are more tightly managed.
According to these groups, overly strict regulations will make cryptocurrency-related activities "economically unfeasible" for banks. This could push the crypto market outside the regulated financial system, posing risks to safety, customer protection, and financial stability.
Calls for change
The trade groups emphasize that with the increasing involvement of institutions, risk management in crypto is now "more integrated with traditional finance." They urge the Basel Committee to review and amend the capital rules to accurately reflect the realities of the market. #anhbacong
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🎉 The 8th Anniversary of Binance!
Proud to be part of this global community that is leading the future of finance and technology 🚀
The future started with Binance.
🎉 Binance Turns 8!
Proud to be part of this journey in reshaping the financial world 🌍
The future started with Binance.
#BinanceTurns8 #Binance #Crypto #Basel
Proud to be part of this global community that is leading the future of finance and technology 🚀
The future started with Binance.
🎉 Binance Turns 8!
Proud to be part of this journey in reshaping the financial world 🌍
The future started with Binance.
#BinanceTurns8 #Binance #Crypto #Basel
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The Bank of England Tightens Regulation: Crypto Exposure Reporting Required Before March 2025
Strengthening Crypto Oversight
The Bank of England has just required financial businesses to report in detail about their exposure to #crypto and future plans by March 24, 2025. This request aims to strengthen financial stability and build a clearer legal framework for crypto-related activities.
This move arises from the growing concern about the risks that digital assets may pose to the financial system. According to directives from the Prudential Regulation Authority (PRA), businesses must provide information on:
The Bank of England has just required financial businesses to report in detail about their exposure to #crypto and future plans by March 24, 2025. This request aims to strengthen financial stability and build a clearer legal framework for crypto-related activities.
This move arises from the growing concern about the risks that digital assets may pose to the financial system. According to directives from the Prudential Regulation Authority (PRA), businesses must provide information on:
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