Trade associations urge BCBS to reassess cryptoasset prudential standard ahead of 2026 implementation
A coalition of global financial trade associations—including the Global Financial Markets Association (GFMA), the Association for Financial Markets in Europe (AFME), the Securities Industry and Financial Markets Association (SIFMA) and the Asia Securities Industry & Financial Markets Association (ASIFMA)—has called on the Basel Committee on Banking Supervision (BCBS) to pause and revise the Cryptoasset Exposures Standard (SCO60) ahead of its scheduled implementation January 2026. The letter, supported by Boston Consulting Group, Ashurst and Sullivan & Cromwell, raises concerns that the current prudential framework may be excessively conservative and not reflective of actual risks. An accompanying report also sets six priorities for distributed ledger (DLT) adoption, including legal clarity, interoperability and regulatory alignment, and highlights use cases demonstrating efficiency and resilience benefits in capital markets.