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Basel Committee to revisit crypto asset proposals after market pushback
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finextra.comIn a joint comment letter responding to the committee, the Global Financial Markets Association, Financial Services Forum, the Futures Industry Association, the Institution of International Finance, the International Swaps and Derivatives Association, and the Chamber of Digital Commerce called for a revision of the plans.The associations argued that proposals would effectively preclude banks from getting involved in cryptoassets by making it economically prohibitive.Given the market resistance to the prosals, the Committee is going back to the drawing board, stating: Members reiterated the importance of developing a conservative risk-based global minimum standard to mitigate prospective risks from cryptoassets to the banking system,
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