🚨BASEL COMMITTEE CHAIR ACKNOWLEDGES THAT CRYPTO CAPITAL RULES MUST BE REWORKED. Basel rules are a very big deal if you are a bank. They drive your return on equity and directly impact your share price. They determine which businesses are good--and which ones are bad. Currently, @BIS_org capital rule proposals for crypto aren't just bad...they are an effective shadow ban (it's very hard to make the numbers work if you are dealing with a counterparty risk weighting of 1250%!) Not only did these proposals indict cryptonative assets, but they also discouraged/forbid the use of public blockchains like @ethereum, @avax, @solana, @SuiNetwork, @Ripple, etc. By design, this effectively kept the banks on the sidelines as $3 trillion in stablecoins and trillions more in tokenized equities ($125 trillion), fixed income ($145 trillion) and other assets enter the system--promising to democratize access to financial services and reduce risk. Today, Erik Thedeen, Chairman of the Basel Committee on Bank Supervision acknowledged that crypto rules required a rework. This is what happens when @federalreserve Vice Chairman of Supervision, Michelle Bowman calls them "unrealistic" and the UK also fails to adopt them. The punitive approach put forth by BIS in 2021 gave me the confidence to enter the crypto space full time. Why? Because they legitimized a brand new asset class. If you've been around long enough, you know the game. First the fight you...then they join you. I knew this day was coming. And now its nearly here.