On March 28, the Institute of International Finance, in a joint working group with other trade associations, submitted our response to the Basel Committee on Banking Supervision (BCBS) consultation: Cryptoasset standard amendments. This broad group encompasses many sectors across the industry, offering a comprehensive, global response to provide a broad scope of expertise to the Consultation.

In our consultation response, we address the matters raised and proposals included in the consultation, including the following issues:

• We propose a more open and measured approach to the consideration to the use of permissionless blockchains and elaborate on the reasoning justifying such an approach;
• We request that the Committee adopt a less-prescriptive approach to classification for Group 1 cryptoasset activity related to settlement finality;
• And we put forward proposals for dealing with the issues related to Group 1b eligibility.

We look forward to continued engagement with the Basel Committee in order to arrive at the most appropriate outcomes in relation to final amendments to the standard.