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Basel Committee Says It Will Study Crypto-Asset Rules
The committee said it will publish a consultation document later this week.
Updated Sep 14, 2021, 1:07 p.m. Published Jun 7, 2021, 4:03 p.m.
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The Bank for International Settlements’ Basel Committee plans to hold a public consultation on the treatment of crypto-asset exposures.
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- The committee said it met on June 4 and discussed market developments relating to crypto assets.
- It also discussed the development of methods for treating banks that provide exposure to crypto assets.
- Growing interest in crypto assets and the pace of innovation in the industry “could increase global financial stability concerns and risks to the banking system,” the committee said.
- It plans to canvas the views of external stakeholders on banks’ exposures to crypto assets, and a consultation paper will be published this week.
Read more: BIS Plans Platform for Testing Central Bank Digital Currencies in Cross-Border Payments
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Crypto faces fork in the road as Clarity Act support wavers, Bitwise says
The asset manager argued that without federal legislation, the industry has three years to become indispensable before political winds potentially shift.
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- Bitwise said in a blog post Monday that Polymarket odds for the Clarity Act have fallen from 80% to 50% following industry pushback.
- If the bill fails, Bitwise believes crypto must achieve mass adoption in stablecoins and tokenization to force a regulatory hand.
- The firm anticipates a sharp rally upon the bill's passage, while a failure would likely lead to a "slower ascent" tied to proven utility.
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