Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Coinbase, Circle challenge Basel Committee’s stablecoin requirement.
ADOPTION NEWS

Coinbase, Circle challenge Basel Committee’s stablecoin requirement.

By Crypto FlexsApril 1, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Coinbase, Circle challenge Basel Committee’s stablecoin requirement.
Share
Facebook Twitter LinkedIn Pinterest Email

Cryptocurrency companies Coinbase and Circle are challenging a Basel Committee on Banking Supervisory proposal to introduce stricter standards. Preferential treatment in regulations On banks’ stablecoin exposure.

The commission published a consultation paper in December suggesting that banks conduct due diligence to ensure “an appropriate understanding of the stabilization mechanisms of the stablecoins to which they are exposed.”

The proposed requirements determine whether stablecoins qualify for the “Group 1b category,” which provides preferential regulatory treatment. According to consultation document, must meet certain criteria, including low volatility and sufficient liquidity. The deadline for comments on the document was March 28.

Cryptocurrency exchange Coinbase said in comments it was disappointed with the commission’s approach. letter March 28th.

“Many of the requirements are not based on the risk of these assets to banks, but rather reflect other policy objectives that the Commission does not typically include in capital requirements,” Coinbase said.

“The Commission’s decision demonstrates its desire to severely limit banks’ holdings and use of stablecoins,” Coinbase later said in the letter.

Permissionless Blockchain

Circle issuing stablecoins USDC

+0.022%
, criticized the Commission’s handling of permissionless blockchain. In its consultation report, the committee said permissionless blockchains pose “inherent risks” and will not be permitted in Group 1 at this time.

“There is a strong argument that banks should be encouraged to leverage blockchain, cryptography, mobile-enabled wallets and other open source technologies to advance their digital transformation and cybersecurity efforts,” Circle said in a March 27 commentary. letter. “As the Committee well knows, when one bank fails, trust in the bank erodes. “Nevertheless, most banks, especially small and mid-sized institutions, are unable to keep up with the competition in the digital innovation space taking place among large global banks.”

“Rather than stigmatizing blockchain-based financial services, Circle’s successful operational experience and deep partnerships with global financial institutions suggest that collaborative models and opportunities are at hand that banks can benefit from and that the Commission should encourage.” the company added.

that much Basel Committee on Banking Supervision As a global standard setter, members include the United States, Canada, and Japan.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Bitcoin Treasury Firm Strive adds an industry veterans and starts a new $ 950 million capital initiative.

September 16, 2025

The best Solana depin project to form the future -Part 2

September 8, 2025
Add A Comment

Comments are closed.

Recent Posts

Fitell Corporation Launches Solana (SOL) Digital Asset Treasury With $100M Financing Facility, With Focus On Yield And On-Chain DeFi Innovation

September 24, 2025

Nebeus Overfunds Equity Crowdfunding Campaign With €3.6M Raised, Reflecting Growing Demand For Regulated Crypto–Finance Solutions

September 24, 2025

Next Binance Coin (BNB) Price Rally 3 Catalysts that can supply fuel

September 24, 2025

Ether Leeum World Fair Announcement

September 24, 2025

SOL Leverage Longs Jump Ship, is it $ 200 next?

September 24, 2025

Navigating Policy & Regulation in Blockchain

September 23, 2025

Flipster Debuts Market’s First USD1 Perps For BTC, ETH, SOL, XRP, And DOGE

September 23, 2025

BYDFi Joins Korea Blockchain Week 2025 (KBW2025): Deepening Web3 Engagement

September 23, 2025

MEXC Brings Immersive Experience With ‘0 Fee Lounge’ To Token2049

September 23, 2025

Moonbirds And Azuki IP Coming To Verse8 As AI-Native Game Platform Integrates With Story

September 23, 2025

Buying NFT is like buying a Mickey Mouse T -shirt and an IP.

September 23, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Fitell Corporation Launches Solana (SOL) Digital Asset Treasury With $100M Financing Facility, With Focus On Yield And On-Chain DeFi Innovation

September 24, 2025

Nebeus Overfunds Equity Crowdfunding Campaign With €3.6M Raised, Reflecting Growing Demand For Regulated Crypto–Finance Solutions

September 24, 2025

Next Binance Coin (BNB) Price Rally 3 Catalysts that can supply fuel

September 24, 2025
Most Popular

Mango Markets (MNGO) faces ‘investigation’ from regulators ahead of Eisenberg cryptocurrency fraud trial

January 5, 2024

Polkadot (DOT) NFTS: Experimental NFT Playground

February 15, 2025

Watch Live: Donald Trump Speaks at Bitcoin 2024 Conference

July 27, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.