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The Basel Committee on Banking Supervision published targeted amendments to its cryptoasset standard to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment, which included an exclusion that ICBA strongly backed.
Details: The committee did not back down from its decision to exclude assets issued on permissionless blockchains from Group 1 treatment, a position ICBA strongly endorsed in a March comment letter. ICBA agreed that the “use of permissionless blockchains gives rise to a number of unique risks, some of which cannot be sufficiently mitigated at present.”
More: The committee also published targeted amendments to its cryptoasset standard to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment. Both standards are to be implemented by Jan. 1, 2026.