In July, the Basel Committee on Banking Supervision (BCBS) released its final disclosure framework for the prudential treatment of cryptoassets, ahead of the new standard (SCO60) taking effect in January 2026. While the framework aims to provide regulatory clarity, it has been met with resistance from leading industry bodies that argue the rules do not align with the realities of crypto-related risks.

A coalition of trade associations—known as the Joint Trades and comprising the Global Financial Markets Association, the Securities Industry and Financial Markets Association, and the Association for Financial Markets in Europe—has issued a formal letter urging the BCBS to “pause and recalibrate” the implementation. They argue that the current framework imposes overly conservative and punitive capital requirements that could stifle responsible innovation in digital assets. Instead, they call for a consultation and redesign that better reflects the actual risk profiles of cryptoassets.

Alongside the letter, the Joint Trades published a report highlighting the transformative impact of distributed ledger technology (DLT) and tokenization in capital markets. According to the report, these technologies are reshaping securities issuance, collateral management, and fund operations. With regulatory clarity, maturing platforms, and growing institutional involvement, the associations emphasize that the foundation for widespread tokenization is already in place. They argue that coordinated action is now essential to modernize financial infrastructure and unlock long-term economic growth.