Wall Street financial groups are pushing back against the Basel Committee on Banking Supervision (BCSB)'s proposed cryptocurrency disclosure regulations. Eight major financial organizations, including the GFMA and the IIF, have jointly requested a re-evaluation of the rules scheduled to take effect in January. Their argument centers on the evolving crypto landscape. They claim the regulations, initially prompted by the FTX collapse, no longer accurately reflect the current state of the market. The letter suggests that crypto risk management practices are increasingly aligning with those of traditional finance, warranting a fresh look at the disclosure requirements. The groups contend that a reassessment is crucial to avoid stifling innovation and ensure regulations are appropriately calibrated to the present risks. A more nuanced approach, they believe, will foster responsible growth within the digital asset space without unnecessarily burdening financial institutions. The Basel Committee has yet to publicly respond to the request. ```