The rapid expansion of stablecoins prompts all parties to reassess global banking cryptocurrency regulations

Global regulators are consulting on revising the cryptocurrency holding rules for the banking sector, which were originally set to take effect next year. With the rapid development of stablecoins, a U.S.-led backlash has prompted all parties to reassess existing measures. The Basel Committee on Banking Supervision established this standard at the end of 2022. According to financial executives, the standard has been widely interpreted by banks as a signal to avoid cryptocurrencies due to the heavy capital burden imposed on crypto asset holdings. Since then, cryptocurrencies have evolved from what U.S. regulators referred to as a "wild west" of the financial industry into an industry now recognized by the White House