Trump leads the U.S. regulatory bypass of the Basel Accord to develop tokenized securities, benefiting large financial institutions
According to Forbes, U.S. financial regulators under Trump's leadership believe it is unnecessary to comply with the Basel Accords' treatment of crypto assets and should instead provide a technology-neutral regulatory strategy for tokenized assets. Therefore, they are bypassing the Basel Accords to promote the development of tokenized securities.
Currently, the Basel Committee on Banking Supervision has very strict standards for risk exposure to crypto assets, with non-compliant financial institutions facing risk weights of up to 1250%. However, when the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC) released FAQs regarding the capital treatment of tokenized securities, they adopted an "America First" strategy, granting tokenized securities the "same legal rights" as their non-tokenized counterparts, which should enjoy equal treatment. As a result, the New York Stock Exchange (NYSE), Goldman Sachs, Nasdaq, DTCC, BlackRock, BNY Mellon, Citigroup, and JPMorgan have all benefited, launching pilot projects or platforms for tokenized stocks, funds, and deposits, which may become the "biggest winners" in this field in the future.
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