Global Banking Bodies Press Basel to Revise Crypto Banking Rules
🔑 Key Takeaways Leading financial associations (GFMA, IIF, ISDA) urge the Basel Committee on Banking Supervision (BCBS) to revise upcoming crypto rules. Current framework, drafted in 2022 , imposes punitive capital charges that could block banks from crypto markets. Groups argue crypto has since matured with ETFs, institutional adoption, and demand for custody and settlement services. The debate echoes Basel’s long history of shaping global banking standards after financial crises. 🗞 Main Story A coalition of heavyweight financial associations—including the Global Financial Markets Association (GFMA) , the Institute of International Finance (IIF) , and the International Swaps and Derivatives Association (ISDA) —has formally called on the Basel Committee on Banking Supervision (BCBS) to rethink its upcoming rules on banks’ crypto activities. The Basel Committee, headquartered at the Bank for International Settlements (BIS) in Switzerland, has been setting global bank...