For the second time in three months, a group of banking and capital market associations, including the International Finance Institute (IIF) and the Global Financial Markets Association (GFMA), wrote to the Basel Committee on Banking Supervision (BCBS) on the revision of the cryptographic rules of Basel which prevent banks from participating in the digital assets, token and to tokenization. They request a postponement of the date of implementation of January 2026 and request modifications similar to the previous letter, with an additional accent on the stablecoins. Associations have also published a Updated DLT report showing the adoption of technology by capital markets since the formulation of original Basel rules in 2022.
Banks have several reasons for the sense of urgency, since many things have happened in the last three months. In May, American banks were in the early stages of the discussion of a joint initiative targeting the issuance of stables. Who progressed. In the IPO of June was spectacular, the stock reaching more than eight times its registration price. The geniuses law for stablecoins was promulgated in July. The Bitcoin price has reached another at all times. The dry has made many accommodating announcements for the digital active sector. But perhaps even more important, at the end of July, the White House published its article on digital assets, which implies that the United States would not implement the rules of the Basel crypto as it is currently.
These regulatory changes have created momentum so that banks can put pressure for more favorable treatment for digital assets. The letter of associations reflects these market changes, by prioritizing blockchains without authorization while raising stabbed to a significant consideration. Tokenized active ingredients, including stablecoins, which are issued on authorized blockchains are considered conventional assets. On the other hand, assets on blockchains without authorization are treated in the same way as cryptocurrencies, receiving a risk weighting of 1250%, which results in the need to put aside at least one dollar in capital for each dollar maintained in the balance sheet. “This binary distinction of accusations of capital is neither sensitive to the risk nor economically rational,” wrote associations. Second on the list are two new requests concerning Stablecoins.
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