Global Bank regulators are preparing to revisit their strictest crypto rules after the United States and the United Kingdom refused to implement them, a move that threatens to unravel the Basel Committee’s long-standing consensus.
In a interview In the Financial Times, Erik Thedéen, the governor of the Swedish Central Bank and chairman of the Basel Committee on Banking Supervision (BCBS), said they need a “different approach” to the current 1,250% risk weight for crypto exposures.
According to In the global law firm white and case, the application of 1,250% risk weight means that credit institutions must hold their own funds of at least an equal amount to the value of their exposure to the crypto asset.
Under the existing framework, crypto assets are issued on a permissionless blockchain, which includes stablecoins such as USDT (USDT) and USDC (USDC), receive the same 1,250% risk weight used for the maximum venture investment.
However, Thedéen acknowledged that the rapid growth of regulated stablecoins has changed the policy landscape. “What happened was quite remarkable,” Thedéen told the Financial Times, adding that there was a strong increase in StableCoins and that the amount of assets in the system called for a new strategy.
“We have to start the analysis. But we have to be quite fast here,” added Thedéen, floating questions on the risks of StableCoin and if there is an argument that can approach the properties in “a different way.”
Obvious resistance from major economies
The resistance felt from major economies was more pronounced. According to the FT report, the US Federal Reserve does not plan to implement the Basel crypto rules as written, with policymakers calling the capital charges unrealistic.
The Bank of England has also signaled that it will not apply the framework in its current form. At the same time, the European Union only partially implemented the 2022 standard, excluding the main provisions covering permissionless blockchains.
Citing anonymous sources, Bloomberg reported that the Basel Committee is preparing to change The guide 2022 next year to be more favorable to banks participating in the crypto markets.
The report said that many banks interpreted the framework as an obstacle to engage in cryptocurrency or stablecoin services.
The talks reportedly intensified as regulated StableCoins gained traction in the US, supported by US President Donald Trump and the passage of Genius Actwhich formally authorized the use of these assets in payments.
The StableCoin Boom requires rethinking the rules
Thedéen wrote of the concerns in the FT report, saying that the increasing adoption of StableCoin requires fresh analysis and a potentially more lenient stance.
However, he also said that reaching an agreement could be difficult because regulators are divided on key assumptions about Crypto’s risk profile and the role of bank-issued digital assets.
“Going further than this point in time is difficult, because I’m the chair and there are a lot of different views on this committee,” he said.
Related: StableCoin Panic could escalate into ECB policy, Dutch Central Bank governor warns
The widening split has raised concerns about leveling the playing field
The difference in rules creates a competitive imbalance for global banks. If EU banks remain bound by these mandates while the US and the UK operate under more restrictive frameworks, the playing field becomes significantly tilted.
This imbalance will influence which jurisdictions can build bank-issued stablecoin products, tokenized deposits or even crypto custodial solutions.
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