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Rethink crypto rules, global trade groups urge Basel Committee

( August 19, 2025, 10:52 GMT | Official Statement) -- MLex Summary: A coalition of financial industry associations has urged the Basel Committee on Banking Supervision to pause the rollout of its new prudential standards on cryptoasset exposures, arguing that the framework risks stifling innovation and misrepresents risk. In a letter published today, the Global Financial Markets Association and seven other industry associations warned that the Cryptoasset Exposures Standard, or SCO60, due to take effect in January 2026, imposes “excessively conservative and overly punitive” capital requirements. The group has also published a report on the impact of distributed ledger technology on global capital markets.  Statement below, letter attached. ...

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