Basel Rethink?

Interesting story as Wall Street Trade Groups Call For Rethink Of Basel Crypto Standards (Decrypt) / Re: BCBS Cryptoasset Exposures Standard (GFMA).

The signatories are:

• Allison Parent - Global Financial Markets Association Executive Director

• Jackie Mesa - Global Policy Futures Industry Association COO and SVP

• Andrés Portilla - Institute of International Finance MD, Regulatory Affairs

• Panayiotis Dionysopoulo - International Swaps and Derivatives Association Head of Capital

• Sean Campbell - Research Financial Services Forum Chief Economist, Head of Policy

• Samantha Riley - Bank Policy Institute Head of International Regulatory Policy

• Elise Soucie Watts - Global Digital Finance Executive Director

• Sandra Ro - Global Blockchain Business Council CEO

…and it’s essentially a “FTX is so last year and we think there’s a bubble so we sniff profit, so let us play advantageously.” On the upside, encouraging enlightenment. Some may temper this with industry associations being pro OTC market ‘frivolity’ right up until Lehman et al were wiped off the face of the earth. In other words a more contentious point than the industry bodies might be suggesting!

For some strange reason, I can’t help but recall the classic headline from The Onion in 2008 Recession-Plagued Nation Demands New Bubble To Invest In.

Meanwhile, any excuse for another ‘On Another Level’: Crypto Industry Hosts Rival Gathering In Jackson Hole (FT). It raises the question, has decentralisation of anything ever created so many face to face conferences? #AskingForAFriend. Also, SEC Chair Atkins Doubles Down On Project Crypto: 'We Want To Embrace Innovation' (Decrypt).

My problem remains the innovation of project crypto looks like regression on many levels but there you go, 25 years ago it would have been progress now it looks like the blob trying to look cool with the kids which is quite a different thing.

Also on the “JH” agenda no doubt, U.S. Federal Reserve's New Supervision Chief Sold On Bringing Crypto To Finance (CoinDesk).