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ARTICLE · 24 SEPTEMBER 2021

Global Trade Associations Caution BCBS Against "Overly Conservative" Cryptoasset Regulation

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The Global Financial Markets Association, the Financial Services Forum, FIA, the Institute of International Finance, ISDA and the Chamber of Digital Commerce offered recommendations to the Basel Committee on Banking Supervision.

United StatesTechnology
Hogan Lovells Cadwalader
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The Global Financial Markets Association, the Financial Services Forum, FIA, the Institute of International Finance, ISDA and the Chamber of Digital Commerce (collectively, the "Associations") offered recommendations to the Basel Committee on Banking Supervision ("BCBS") on the design of a prudential framework for the treatment of cryptoasset exposures.

In a comment letter in response to a BCBS consultation on the treatment of cryptoassets, the Associations recommended that the BCBS use the existing international prudential framework to (i) allow for the consistent cross-jurisdictional implementation of a "same risk, same activity, same treatment" policy, (ii) prevent additional regulatory complexity through utilizing an existing "technology-neutral" approach, and (iii) bolster existing principles of treating capitalizing, banking and trading book risks differently. The Associations recommended separating cryptoassets into two groups:

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